Texas Foreclosure Activity Lower in Second Quarter

Activity level drops 12 percent from Q1; rate 31st in nation

Foreclosure filings increase 32 percent mid-year; up 9 percent in June

 

Texas reported 32,800 properties with foreclosure filings for the second quarter of 2010, the eighth highest activity level in the nation. This latest total represents a 12 percent drop from the first quarter of the year but is still nearly 23 percent above the level reported for the second quarter of 2009. One in every 293 Texas housing units received a foreclosure filing during the quarter, giving the state the 31st highest foreclosure rate in the nation.

 

Activity level in the Lone Star State fell during the first half of 2010, but rose in June. For the first six months of the year, Texas reported 64,883 properties with foreclosure filings, a 5 percent rise in activity from the second half of 2009, and 32 percent above the level reported mid-year 2009. In June the state tallied 12,175 properties with foreclosure filings, an increase of 9 percent from the previous month and up one percent from June 2009.

 

“Although Texas foreclosures dropped during the second quarter, they were up during the first half of the year and during June,” said James J. Saccacio, chief executive officer of RealtyTrac. “While the state’s unemployment rate remains below the national average, its home sales did not pick up as much as most states during the past year. This has likely contributed to the overall rise.”

 

California led the nation in total foreclosure activity with 192,422 properties with foreclosure filings during the second quarter, followed by Florida, reporting 139,693 properties with foreclosure filings. Once again Arizona came in third highest, documenting 45,613 properties with foreclosure filings. Illinois narrowly stayed in fourth place, reporting 45,567 properties with foreclosure filings for the quarter. Michigan was fifth once again, reporting 45,451 properties with foreclosure filings.

 

The remaining states in the nation’s top 10 for total foreclosure activity for the second quarter were Nevada (38,077), Georgia (38,072), Texas (32,800), Ohio (30,644), and New Jersey (21,977). The nation’s top five accounted for 52 percent of all foreclosure filings in the nation for the quarter.

 

Kaufman County posts state’s top foreclosure rate for the quarter

Kaufman County posted the highest county foreclosure rate in Texas during the second quarter, with one in every 97 housing units receiving a foreclosure filing in the county — three times the state average. Bastrop County posted the second highest foreclosure rate, with one in every 116 housing units receiving a foreclosure filing — 2.5 times the state average. Rockwall County reported the third highest foreclosure rate, with one in every 134 housing units receiving a foreclosure filing during the second quarter — 2.2 times the state average.

 

Harris County leads state in total foreclosures for the second quarter

Harris County reported 6,739 properties with foreclosure filings for the quarter, while Dallas County documented the second highest foreclosure total, reporting 4,469 properties with foreclosure filings. Reporting 3,303 properties with foreclosure filings for the quarter, Tarrant County came in third. Bexar County was fourth, reporting 2,539 properties with foreclosure filings. Fifth highest total was Collin County, where 1,581 properties with foreclosure filings were reported for the quarter.

 

State contributes 4 percent to nation’s quarterly total

Foreclosure activity in Texas represented 4 percent of the 895,521 properties with foreclosure filings reported nationwide for the second quarter of 2010. Total U.S. activity fell by almost 4 percent from the previous quarter and was virtually unchanged from the second quarter 2009. One in every 144 U.S. housing units received a foreclosure filing during the quarter.

 

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 – Q2 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

102,797

169,209

251,435

102,118

269,962

895,521

144

n/a

n/a

Texas

30

0

17,599

0

15,171

32,800

293

0.49

n/a

 

 

 

 

 

 

 

 

 

 

Kaufman

0

0

144

0

183

327

97

1.48

3.01

Bastrop

2

0

118

0

97

217

116

1.24

2.53

Rockwall

0

0

83

0

110

193

134

1.07

2.18

Williamson

7

0

552

0

366

925

148

0.97

1.98

Johnson

0

0

153

0

198

351

154

0.94

1.90

 

 

Texas Top Foreclosure Totals by County – Q2 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Q1 2010

% Chg Q2 2009

 

 

 

 

 

 

 

 

 

 

United States

102,797

169,209

251,435

102,118

269,962

895,521

144

-3.94

0.64

Texas

30

0

17,599

0

15,171

32,800

293

-12.19

22.32

 

 

 

 

 

 

 

 

 

 

Harris

0

0

3,371

0

1,635

6,739

235

-13.72

13.36

Dallas

0

0

3,080

0

1,460

4,469

212

-11.42

9.91

Tarrant

0

0

2,504

0

1,154

3,303

207

-12.99

11.70

Bexar

0

0

2,017

0

871

2,539

241

-16.15

11.70

Collin

0

0

1,126

0

517

1,581

181

-10.32

31.86

 

 

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