Texas Foreclosure Activity Increases in February

Statewide filings increase 3 percent from January

 

Foreclosure activity in Texas increased in February to 12,638 properties with foreclosure filings, up 3 percent from the previous month and 20 percent ahead of the level reported in February 2009, according to the latest RealtyTrac® U.S. Foreclosure Market Report.

 

“Foreclosure filings continued to mount in Texas in February, leaving the Lone Star State among the 10 worst affected states in the nation in terms of foreclosure activity,” said James J. Saccacio, chief executive officer of RealtyTrac. “Over recent months, unemployment within the state has remained high at 8.2 percent, though relatively steady and below the national average.”

 

California held on to the top position in foreclosure filings, reporting 68,562 properties with foreclosure filings. Florida maintained number two status nationally in February, reporting 54,032 properties with foreclosure filings for the month. Michigan took over third place, documenting 20,028 properties with foreclosure filings. Illinois remained fourth highest at 17,312 properties with foreclosure filings. Close behind at 16,718 properties with foreclosure filings, Arizona fell to fifth place for the month.

 

The remaining states in the nation’s top 10 for total foreclosure activity in February were Georgia (12,177), Ohio (11,286), Nevada (11,035) and Maryland (5,732). In all, the top 10 accounted for 74 percent of all foreclosure filings in the nation for February.

 

One in every 760 Texas housing units received a foreclosure filing in February, the 26th highest rate in the nation.

 

Rockwall County posts top foreclosure rate in the state for February

Rockwall County posted the state’s highest county foreclosure rate in February, with one in every 174 housing units receiving a foreclosure filing — 2.4 times the national average and 4.4 times the state average. Kaufman County was second, with one in every 241 housing units receiving a foreclosure filing — 1.7 times the national average and 3.2 times the state average. Johnson County posted the third highest foreclosure rate, with one in every 284 housing units receiving a foreclosure filing — 1.5 times the national average and 2.7 times the state average.

 

Harris County led the state in total foreclosures in February

Harris County led the way, totaling 2,755 properties with foreclosure filings for the month. Dallas County was second, documenting 1,819 properties with foreclosure filings. Tarrant County ranked third highest, reporting 1,394 properties with foreclosure filings for the month. Bexar County came in fourth place, reporting 1,003 properties with foreclosure filings, while the fifth highest total was in Collin County, where 586 properties with foreclosure filings were reported for the month.

 

State a major contributor to nation’s month foreclosure total

Texas represented the sixth largest portion of the nation’s foreclosure activity, accounting for 4 percent of the 308,524 properties with foreclosure filings reported nationwide in February. Total U.S. activity declined more than 2 percent from the previous month but was still 6 percent ahead of February 2009. One in every 418 U.S. housing units received a foreclosure filing during the month.

 

Report methodology

The RealtyTrac U.S. Foreclosure Market Report provides a count of the total number of properties with at least one foreclosure filing entered into the RealtyTrac database during the month — broken out by type of filing by state, county and metropolitan statistical area. Some foreclosure filings entered into the database during the month may have been recorded in previous months. Data is collected from more than 2,200 counties nationwide, and those counties account for more than 90 percent of the U.S. population. 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 received for a property during the month, only the most recent filing is counted in the report. The report also checks if the same type of document was filed against a property in a previous month. If so, and if that previous filing occurred within the estimated foreclosure timeframe for the state the property is in, the report does not count the property in the current month.

 

For current news and information regarding foreclosure-related issues and trends, check out our blog at www.ForeclosurePulse.com.

 

 

Texas Top Foreclosure Rates By County – February 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

46,207

60,001

84,641

38,992

78,683

308,524

418

n/a

n/a

Texas

15

0

7,769

0

4,854

12,638

760

0.55

n/a

 

 

 

 

 

 

 

 

 

 

Rockwall

0

0

41

0

108

149

174

2.40

4.36

Kaufman

0

0

76

0

56

132

241

1.74

3.15

Johnson

0

0

91

0

99

190

284

1.47

2.67

Bastrop

3

0

53

0

20

76

331

1.26

2.30

Kendall

0

0

17

0

22

39

348

1.20

2.18

 

 

Texas Top Foreclosure Totals by County – February 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Jan 10

% Chg Feb 09

 

 

 

 

 

 

 

 

 

 

United States

46,207

60,001

84,641

38,992

78,683

308,524

418

-2.28

6.22

Texas

15

0

7,769

0

4,854

12,638

760

3.38

20.05

 

 

 

 

 

 

 

 

 

 

Harris

0

0

1,954

0

801

2,755

574

-0.25

29.16

Dallas

0

0

1,136

0

683

1,819

520

77.46

116.29

Tarrant

0

0

959

0

435

1,394

491

13.98

-8.17

Bexar

0

0

661

0

342

1,003

610

1.83

1.72

Collin

0

0

398

0

188

586

489

5.78

41.89

 

 

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