State Activity Down 25 Percent From Q1 2008; Foreclosure Rate Ranks No. 29
Monthly Activity Up 1 percent in March, Drops 1 Percent From Year Ago
IRVINE, Calif. – April 27, 2009 – Foreclosure filings were reported on 25,259 Texas properties in the first quarter of 2009, a 15 percent increase from the previous quarter and 25 percent behind the level reported for Q1 2008, according to the latest RealtyTrac® U.S. Foreclosure Market Report. One in every 373 Texas housing units received a foreclosure filing during the quarter, the 29th highest state foreclosure rate in the nation.
The Lone Star State reported 10,616 properties with foreclosure filings in March, a 1 percent increase from the previous month and 1 percent below its March 2008 total.
“Texas foreclosure activity increased in the first quarter,” said James J. Saccacio, chief executive officer of RealtyTrac. “Statistics show that even though the state lost more than 100,000 jobs last year, its unemployment rate is still nearly 2 percent below the national average. Its home values have also not decreased as much as other states. These factors are likely helping to drive down the foreclosure activity a bit.”
Texas documented the ninth highest raw number of properties receiving foreclosure filings in the first quarter, its foreclosure rate — one in every 373 housing units received a foreclosure filing during the quarter — came in 29th among the 50 states.
Five counties largest contributors to state total for the quarter
Five Texas counties accounted for 54 percent of the state’s overall foreclosure activity during the first quarter. Harris County came in first place, reporting 4,716 properties with foreclosure filings. Tarrant County was second, reporting 2,730 properties with foreclosure filings for the quarter. Dallas County was close behind in third, reporting 2,661 properties with foreclosure filings. Bexar County registered the fourth highest total, documenting 2,426 properties with foreclosure filings. Travis County registered the fifth highest total, where 1,160 properties with foreclosure filings were reported.
Kaufman County scores highest rates in the state for first quarter
Kaufman County led the state, with one in every 131 housing units receiving a foreclosure filing — 2.9 times the state average. Bastrop County came in second, with one in every 136 housing units receiving a foreclosure filing — 2.7 times the state average. Johnson County registered the third highest foreclosure rate, where one in every 153 housing units received a foreclosure filing during the month — 2.5 times the state average.
State the contributes 3 to nation’s foreclosure total for Q1 2009
Texas accounted for 3 percent of the 803,489 properties with foreclosure filings reported nationwide for the first quarter of 2009. The national total represented a 9 percent increase in activity from the previous quarter and was almost 24 percent ahead of the total reported for Q1 2008. One in every 159 U.S. housing units received a foreclosure filing during the quarter.
The RealtyTrac Monthly U.S. Foreclosure Market Report provides a count of the total number of properties with at least one foreclosure filing reported during the quarter — broken out by type of filing at the county, state and national level. RealtyTrac’s report incorporates documents filed in all three phases of foreclosure: Default — Notice of Default (NOD) and Lis Pendens (LIS); Auction — Notice of Trustee Sale and Notice of Foreclosure Sale (NTS and NFS); and Real Estate Owned, or REO properties (that have been foreclosed on and repurchased by a bank). If more than one foreclosure document is filed against a property during the quarter — which is extremely rare — only the most recent filing is counted in the report.
For current news and information regarding foreclosure-related issues and trends, check out our blog at www.ForeclosurePulse.com.
About RealtyTrac Inc.
RealtyTrac (www.realtytrac.com) is the leading online marketplace of foreclosure properties, with more than 1.5 million default, auction and bank-owned listings from over 2,200 U.S. counties, along with detailed property, loan and home sales data. Hosting more than 3 million unique monthly visitors, RealtyTrac provides innovative technology solutions and practical education resources to facilitate buying, selling and investing in real estate.
Cited by thousands of media outlets each quarter — including all the major news networks, leading publications such as The Wall Street Journal, The New York Times, and USA TODAY, RealtyTrac’s foreclosure data also has been used by the Federal Reserve, FBI, U.S. Senate Joint Economic Committee and Banking Committee, U.S. Treasury Department, and numerous state housing and banking departments to help evaluate foreclosure trends and address policy issues related to foreclosures.
Atomic Public Relations