Texas Foreclosure Activity Rises in First Quarter

Statewide foreclosure filings up 48 percent from last year

March numbers up from a month earlier; up from a year ago

 

Foreclosure activity in Texas rose 22 percent during the first quarter of 2010 and was up 48 percent from the same period last year. In all, the state reported 37,354 properties with foreclosure filings during the quarter.

 

The level of activity was high in March, when the state reported 15,552 properties with foreclosure filings, a 23 percent increase from the previous month and 47 percent above the level reported in March 2009. One in every 617 Texas housing units received a foreclosure filing during the month, the 25th highest state foreclosure rate.

 

“Foreclosure filings have continued to mount month-over-month in Texas this year, 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. “Unemployment within the state has hovered around 8 percent, though recent growth in the manufacturing, mining and logging sectors have some looking toward relief in the coming months.”

 

California continued to lead the nation with 216,263 properties with foreclosure filings in the quarter. Florida maintained its ranking as second highest in the nation, reporting 153,540 properties with foreclosure filings for the quarter. Arizona came in third highest, documenting 55,686 properties with foreclosure filings. Illinois ranked fourth, reporting 45,780 properties with foreclosure filings. Michigan was a close fifth, reporting 45,732 properties with foreclosure filings for the quarter.

 

The remaining states in the nation’s top 10 for total foreclosure activity for the first quarter were Georgia (39,911), Nevada (34,557), Ohio (33,221), and Colorado (16,023). In all, the top 10 accounted for 73 percent of all foreclosure filings in the nation for the quarter.

 

One in every 257 Texas housing units received a foreclosure filing during the quarter, the 27th highest state foreclosure rate in the nation.

 

Loving County tops in foreclosure rate for the first quarter

Loving County had the highest county foreclosure rate in Texas during the first quarter, with one in every 73 housing units receiving a foreclosure filing — 3.5 times the state average. Rockwall County had the second highest foreclosure rate, with one in every 91 housing units receiving a foreclosure filing — 2.8 times the state average. Kaufman County came in third, with one in every 99 housing units receiving a foreclosure filing — 2.6 times the state average. Johnson County had the fourth highest rate, with one in every 133 housing units receiving a foreclosure filing — 1.9 times the state average.

 

Harris County led the state in total foreclosures for the first quarter

Harris County led Texas in total foreclosures during the first quarter, reporting 7,811 properties with foreclosure filings for the quarter. Dallas County was second, reporting 5,045 properties with foreclosure filings. Reporting 3,796 properties with foreclosure filings for the quarter, Tarrant County came in third. Bexar County was fourth, reporting 3,028 properties with foreclosure filings. Fifth highest total was Colin County, where 1,763 properties with foreclosure filings were reported for the quarter.

 

State the seventh largest contributor to quarterly foreclosure total

Texas represented 4 percent of the 932,234 properties with foreclosure filings reported nationwide for the first quarter of 2010. Total U.S. activity grew by more than 7 percent from the previous quarter and was 16 percent ahead of the first quarter 2009. One in every 138 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 – Q1 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

121,367

183,432

267,159

102,332

257,944

932,234

138

n/a

n/a

Texas

35

0

20,905

0

16,414

37,354

257

0.54

n/a

 

 

 

 

 

 

 

 

 

 

Loving

0

0

0

0

1

1

73

1.90

3.52

Rockwall

0

0

110

0

176

286

91

1.53

2.83

Kaufman

0

0

181

0

139

320

99

1.39

2.59

Johnson

0

0

183

0

222

405

133

1.04

1.93

Parker

0

0

116

0

168

284

137

1.01

1.88

 

 

Texas Top Foreclosure Totals by County – Q1 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Q4 2009

% Chg Q1 2009

 

 

 

 

 

 

 

 

 

 

United States

121,367

183,432

267,159

102,332

257,944

932,234

138

7.23

16.02

Texas

35

0

20,905

0

16,414

37,354

257

21.97

47.88

 

 

 

 

 

 

 

 

 

 

Harris

0

0

4,710

0

3,101

7,811

203

23.07

65.63

Dallas

0

0

3,271

0

1,774

5,045

188

25.44

89.59

Tarrant

0

0

2,441

0

1,355

3,796

180

28.90

39.05

Bexar

0

0

1,660

0

1,368

3,028

202

24.10

24.81

Collin

0

0

1,023

0

740

1,763

162

32.76

52.91

 

 

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