Texas foreclosure activity fell in May to 9,813 properties with foreclosure filings, a 13 percent decline from the previous month, and 6 percent below the level reported for May 2008, according to RealtyTrac’s latest U.S. Foreclosure Market Rep. One in every 961 Texas housing units received a foreclosure filing in May, the 27th highest state foreclosure rate in the nation for the month.
“Texas foreclosures headed downward both in May and from this time last year,” said James J. Saccacio, chief executive officer of RealtyTrac. “Statistics show that the state’s unemployment rate is holding at more than 3 percent below the national average. This is likely helping to bring down the number of foreclosures here.”
Outranked by California, Florida, Nevada, Arizona, Michigan, Ohio, Illinois and Georgia, Texas placed ninth highest in total foreclosure filings in May, reporting 9,813 properties with foreclosure filings. Completing the nation’s top 10 states for total foreclosure filings in May was Virginia with 5,385 properties with foreclosure filings. Combined, the top 10 states accounted for 75 percent of all foreclosure activity in the nation for the month.
Five counties accounted for 64 percent of state’s foreclosure activity for May
Harris County led all counties, reporting 2,484 properties with foreclosure filings for the month. Dallas County posted the second highest total, where 1,384 properties with foreclosure filings were reported. Tarrant County had the third highest total, reporting 1,210 properties with foreclosure filings, followed by Bexar County, where 773 properties with foreclosure filings were tallied. Collin County held the fifth highest total, where 462 properties with foreclosure filings were reported for the month.
Archer County posts state’s highest foreclosure rate for May
Archer County posted the highest county foreclosure rate in Texas, with one in every 334 housing units receiving a foreclosure filing during the month. Kaufman County had the second highest rate, with one in every 371 housing units receiving a foreclosure filing. Rockwall County registered the third highest rate, where one in every 375 housing units received a foreclosure filing during the month.
State contributes 3 percent to nation’s foreclosure activity for May
Foreclosure activity in Texas represented 3 percent of the 321,480 properties with foreclosure filings reported nationwide in May. Total U.S. activity fell 6 percent from the previous month but was still nearly 18 percent ahead of May 2008. One in every 398 U.S. housing units received a foreclosure filing during the month.
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 month — 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 month — which is extremely rare — 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.
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