Filings Statewide Decrease 19 Percent From October 2007
IRVINE, Calif. – Nov. 26, 2008 – Texas tied with Georgia for the eighth highest foreclosure total in the nation for October, reporting 9,900 properties with foreclosure filings, an 8 percent increase from the previous month but 19 percent below the level reported in October 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 1.5 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 filings increased slightly in Texas for the month, but are significantly down from the beginning of the year and well below the level reported this time last year,” said James J. Saccacio, chief executive officer of RealtyTrac. “While unemployment in Texas remains below the national average, bad loans and a recessionary economic environment have compounded the state’s housing crisis, forcing lenders to try and rework troubled mortgages in order to avoid foreclosure.”
Foreclosure activity in the Lone Star State was far below national leader California which reported 56,9545 properties with foreclosure filings in October, and way behind second place Florida, which reported 54,324 properties with foreclosure filings for the month.
Kaufman County post state’s top rate for October
With one in every 262 housing units receiving a foreclosure filing — 3.6 times the state average and 1.7 times the national average — Kaufman County posted the highest foreclosure rate in the state for October. Second highest rate was reported in Galveston County, where one in every 304 housing units received a foreclosure filing — 3.1 times the state average and 1.5 times the national average. Third highest rate was documented in Van Zandt County, where one in every 331 housing units received a foreclosure filing during the month — 2.8 times the state average and 1.4 times the national average.
State a major contributor to nation’s foreclosure total in October
Texas accounted for 4 percent of the 279,561 properties with foreclosure filings reported nationwide in October. The national total represented an increase of more than 5 percent from the previous month and was almost 25 percent ahead of the total reported for October 2007. The nation’s foreclosure rate rose to one in every 452
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).
Atomic Public Relations