TEXAS FORECLOSURE ACTIVITY UP 20 PERCENT IN JANUARY

Activity Down Narrowly From January 2007

 

IRVINE, Calif. – Feb. 26, 2008 – Texas reported 14,698 foreclosure filings in January, ranking it the third highest foreclosure total in the nation for the month. The state total was up 20 percent from the previous month, but down fractionally from the total reported for January 2007, according to the latest RealtyTrac® U.S. Foreclosure Market Report.

 

RealtyTrac publishes the largest and most comprehensive national database of foreclosure and bank-owned properties, with over 1 million properties from nearly 2,500 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.

 

“Overall, despite a few monthly variations in 2007, for the most part the level of foreclosure activity in Texas has not changed much since the state led the nation for all of 2006,” said James J. Saccacio, chief executive officer of RealtyTrac. “What has changed is California has taken over as the national leader by a wide margin while Texas’ activity level has remained pretty constant throughout. Unemployment in Texas is below the national average, and home prices are still moving in a positive direction, although home sales have suffered in some parts of the state, making it still difficult to get out from under a foreclosure situation.

 

Foreclosure activity in the Lone Star State was well behind national leader California which reported 57,158 foreclosure filings for the month, and second ranked Florida with its 30,178 filings in the foreclosure pipeline. Coming in fourth was Ohio with 12,785 filings for the month. Michigan was ranked fifth with 10,746 foreclosure filings followed closely by Georgia with 10,665 filings. The remaining states in the nation’s top 10 for total foreclosure filings in January were Arizona, Massachusetts, Illinois and Colorado.

 

The state’s foreclosure rate of one foreclosure filing for every 614 households was below the national average, ranking it 13th highest among the 50 states.

 

Harris County tops in foreclosure filings for the month

Harris County led the state in total foreclosure filings, reporting 4,273 foreclosure filings in January. Dallas County came in second, reporting 2,078 foreclosure filings. Third highest total was reported in Tarrant County with 1,856 filings. Bexar County came in fourth place with 852 5,428 filings for the month, followed by Fort Bend County in fifth place with 754 filings entering some stage of the foreclosure pipeline.

 

Fort Bend County posts highest foreclosure rate in the state for January

Reporting one foreclosure filing for every 180 households — 3.4 times the state average and three times the national average, Fort Bend County posted the state’s highest county foreclosure rate in January. Rockwall County posted the second highest rate, one foreclosure filing for every 226 households — 2.7 times the state average and 2.4 times the national average. Brazoria County came in third with a rate of one foreclosure filing for every 270 households — 2.3 times the state average and twice the national average. Fourth highest foreclosure rate, one foreclosure filing for every 282 households was posted in Montgomery County, and the fifth highest foreclosure rate, one foreclosure filing for every 292 households was reported in Bastrop County.

 

State a significant contributor to nation’s total in January

Total foreclosure filings in Texas accounted for 6 percent of the 223,001 foreclosure filings reported nationwide in January. The national total represents an 8 percent increase from the previous month, and is 57 percent above the total reported for January 2007. The nation’s foreclosure rate increased to one foreclosure filing for every 534 U.S. households for the month.

 

The RealtyTrac Monthly U.S. Foreclosure Market Report provides the total number of foreclosure filings — both nationwide and by state — over the preceding month. RealtyTrac’s report includes properties in all three phases of foreclosure: Defaults — Notice of Default (NOD) and Lis Pendens (LIS); Auctions — 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).

 

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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