TEXAS FORECLOSURE ACTIVITY UP 14 PERCENT IN 2008

More than 96,000 Properties Receive Foreclosure Filings in 2008

 

IRVINE, Calif. – Jan. 28, 2009 – Foreclosure filings were reported on 96,157 Texas properties in 2008, an increase of 14 percent from 2007 and an increase of 15 percent from 2006, according to the latest RealtyTrac® U.S. Foreclosure Market Report. The report also shows that 1.04 percent of all Texas housing units received at least one foreclosure filing during the year, up from 0.94 percent in 2007.

 

Texas reported 9,495 properties with foreclosure filings in December, a 21 percent increase from the previous month, and a 23 percent decrease over December 2007.

 

RealtyTrac publishes the largest and most comprehensive national database of foreclosure and bank-owned properties, with over 1.5 million properties from over 2,200 counties across the country, and is the foreclosure data provider to MSN Real Estate, Yahoo! Real Estate and The Wall Street Journal’s Real Estate Journal.

 

“Foreclosure activity remained consistently high in Texas throughout 2008 as the nation sank into recession,” said James J. Saccacio, chief executive officer of RealtyTrac. “The state’s wounded housing market, combined with worsening unemployment, especially in the manufacturing, construction, energy and transportation sectors, took a major toll on many Texan’s struggling to keep their homes.”

 

Harris County reports highest total of foreclosure filings

Harris County led the state reporting 22,607 properties with foreclosure filings for the year. Dallas County came in second, reporting 13,662 properties with foreclosure filings. Tarrant County registered the third highest foreclosure total, reporting 10,222 properties with foreclosure filings. Bexar County posted the fourth highest foreclosure total, reporting 6,819 properties with foreclosure filings. Collin County came in fifth, documenting 4,078 properties with foreclosure filings.

 

Kaufman County posts top foreclosure rate

Kaufman County topped the list, with 2.86 percent of its housing units receiving at least one foreclosure filing during the year. Rockwall County came in second, with 2.53 percent of its housing units receiving at least one foreclosure filing. Bastrop County posted the third highest foreclosure rate, where 2.28 percent of the housing stock received at least one foreclosure filing in 2008. Rounding out the state’s top five were Fort Bend County (2.22 percent) and Ellis County (2.1 percent).

 

State the seventh largest contributor to nation’s foreclosure total for 2008

Texas accounted for 4 percent of the 2,330,483 properties with foreclosure filings reported nationwide in 2008. The national total represented an increase of more than 81 percent from the total reported for 2007. For the year 1.84 percent of all U.S. housing units received at least one foreclosure filing, up from 1.03 percent in 2007.

 

Report methodology

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.

 

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

 

 

About RealtyTrac Inc.

Ranked as the third largest real estate site by MediaMetrix, and No. 53 on Inc. magazine’s 2006 Inc. 500 list of the nation’s fastest growing private companies, RealtyTrac Inc. (www.realtytrac.com), is the leading online marketplace for foreclosure properties, providing all the resources that home seekers, investors and real estate agents need to locate, evaluate and buy properties below market value.

 

Founded in 1996, RealtyTrac publishes the largest and most comprehensive national database of pre-foreclosure, foreclosure, For Sale By Owner, resale and new homes, with more than 1.3 million properties across the country, property reports, productivity tools and extensive professional resources. RealtyTrac hosts nearly 3 million unique visitors monthly and has been chosen to supply foreclosure data to MSN Real Estate, Yahoo! Real Estate and the Wall Street Journal’s Real Estate Journal. For more information, visit (www.realtytrac.com).

 

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Media Contact:

Michelle Sabolich

Atomic Public Relations

415-402-0230

michelle.sabolich@atomicpr.com

 

 

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