Texas Foreclosures Decrease in October

Statewide filings down 11 percent from September; rate ranks #28 nationally

 

Texas reported 11,798 properties with foreclosure filings in October, down 11 percent from the previous month, but still a 19 percent increase from the level reported in October 2008, according to the latest RealtyTrac® U.S. Foreclosure Market Report. One in every 800 Texas housing units received a foreclosure filing in October, the 28th highest state foreclosure rate in the nation.

 

Texas foreclosures fell during October,” said James J. Saccacio, chief executive officer of RealtyTrac. “The largest decline was in default notices, which dropped 60 percent during the month. However, the numbers are still up from this time last year. This is likely driven by the overall state of the economy.”

 

California continues to lead the nation in foreclosure activity by a wide margin, reporting 85,420 properties with foreclosure filings. Florida was a distant second, reporting 51,911 properties with foreclosure filings in October. Illinois came in number three, reporting 19,946 properties with foreclosure filings for the month. Michigan took the number four slot, documenting 16,468 properties with foreclosure filings. Nevada came in fifth, reporting 13,842 properties with foreclosure filings.

 

The remaining states in the nation’s top 10 for total foreclosure filings in October were Arizona (13,345), Georgia (12,468), Texas (11,798), Ohio (11,646) and New Jersey (7,435). Activity in the top five states accounted for 56 percent of all foreclosure filings in the nation for October.

 

Kaufman County posts state’s top foreclosure rate in October

Kaufman County posted the highest county foreclosure rate in Texas for October, with one in every 279 housing units receiving a foreclosure filing — 2.9 times the state average. Parker County ranked second highest, reporting one in every 301 housing units receiving a foreclosure filing — 2.7 times the state average. Waller County had the third highest foreclosure rate, with one in every 333 housing units receiving a foreclosure filing — 2.4 times the state average. Bastrop County posted the fourth highest foreclosure rate, where one in every 351 housing units received a foreclosure filing during the month — 2.3 times the state average. Johnson County posted the fifth highest foreclosure rate, where one in every 366 housing units received a foreclosure filing during the month — 2.2 times the state average.

 

Five counties dominates state in foreclosure totals during October

Harris County led all counties, totaling 2,576 properties with foreclosure filings for the month. Dallas County was second highest, documenting 1,591 properties with foreclosure filings. Bexar County was third highest total in Texas, reporting 1,007 properties with foreclosure filings for October. El Paso County came in fourth, reporting 502 properties with foreclosure filings, while the fifth highest total was in Travis County, where 467 properties with foreclosure filings were reported for the month.

 

State responsible for 4 percent of nation’s foreclosure activity in October

Texas accounted for 4 percent of the 332,292 properties with foreclosure filings reported nationwide in October. Total U.S. activity declined 3 percent from the previous month but was still 19 percent ahead of October 2008. One in every 385 U.S. housing units received a foreclosure filing during the month.

 

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.

 

 

Texas Top Foreclosure Rates By County – October 2009

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

51,373

72,916

94,850

36,076

77,077

332,292

385

n/a

n/a

Texas

10

0

7,236

0

4,552

11,798

800

0.48

n/a

 

 

 

 

 

 

 

 

 

 

Kaufman

0

0

73

0

40

113

279

1.38

2.86

Parker

0

0

63

0

64

127

301

1.28

2.66

Waller

0

0

0

0

42

42

333

1.16

2.40

Bastrop

0

0

45

0

26

71

351

1.10

2.28

Johnson

0

0

85

0

59

144

366

1.05

2.19

 

 

Texas Top Foreclosure Totals by County – October 2009

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Sept 09

% Chg Oct 08

 

 

 

 

 

 

 

 

 

 

United States

51,373

72,916

94,850

36,076

77,077

332,292

385

-3.30

18.86

Texas

10

0

7,236

0

4,552

11,798

800

-10.73

19.17

 

 

 

 

 

 

 

 

 

 

Harris

0

0

1,607

0

969

2,576

600

-6.77

42.87

Dallas

0

0

1,054

0

537

1,591

590

-30.77

11.49

Bexar

0

0

594

0

413

1,007

599

-5.71

27.95

El Paso

0

0

477

0

25

502

504

780.70

215.72

Travis

0

0

314

0

153

467

899

-20.98

36.95

 

 

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