Texas Foreclosures Down Second Straight Month in August

Texas Foreclosures Down Second Straight Month in August

 

Texas foreclosure activity fell in August, down to 11,261 properties with foreclosure filings for the month, a 7 percent decrease from the previous month, but still 4 percent above the level reported in August 2008, according to the latest RealtyTrac® U.S. Foreclosure Market Report.

 

Texas foreclosures continued to head downward through August,” said James J Saccacio, chief executive officer of RealtyTrac. “The largest decline was in bank-owned properties which fell 22 percent for the month. The state’s unemployment rate remains below the national average and home sales have picked up in the second quarter. If these trends continue, it is likely that foreclosures here will continue to fall.”

 

Outdistanced by California (92,326), Florida (62,401), Michigan (19,359), Nevada (17,902), Arizona (17,807), Illinois (13,078), Georgia (11,947), and Ohio (11,368), Texas reported the ninth highest total with 11,261 properties with foreclosure filings. New Jersey followed behind in 10th place with 8,316 properties with foreclosure filings. Activity in the top five states accounted for 58 percent of all foreclosure filings in the nation for August.

 

Kaufman County posts state’s top foreclosure rate in August

Kaufman County posted the highest county foreclosure rate in Texas for August, with one in every 221 housing units receiving a foreclosure filing — 1.6 times the national average and 3.8 the state average. Rockwall County had the second highest foreclosure rate, with one in every 335 housing units receiving a foreclosure filing during the month — 2.5 times the state average. Comal County posted the third highest foreclosure rate, where one in every 335 housing units received a foreclosure filing — 2.4 times the state average.

 

Five counties accounted for 57 percent of state’s foreclosure activity for August

Harris County led the way, tallying 2,405 properties with foreclosure filings for the month. Dallas County reported the second highest foreclosure total, documenting 1,371 properties with foreclosure filings. Reporting 1,269 properties with foreclosure filings for the month, Tarrant County posted the third highest total in the state. Bexar County was fourth highest, reporting 823 properties with foreclosure filings, while the fifth highest total was in Travis County, where 556 properties with foreclosure filings were reported for the month.

 

State responsible for 3 percent of nation’s foreclosure activity in August

Texas accounted for 3 percent of the 358,471 properties with foreclosure filings reported nationwide in August. Total U.S. activity declined fractionally from the previous month but was still 18 percent ahead of August 2008. One in every 357 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 – August 2009

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

62,070

76,154

105,850

38,263

76,134

358,471

357

n/a

n/a

Texas

109

4

7,375

0

3,773

11,261

838

0.43

n/a

 

 

 

 

 

 

 

 

 

 

Kaufman

0

0

61

0

82

143

221

1.62

3.79

Rockwall

2

0

30

0

43

75

335

1.07

2.50

Comal

0

0

73

0

60

133

335

1.06

2.50

Johnson

1

0

82

0

67

150

351

1.02

2.39

Bastrop

5

0

39

0

24

68

366

0.97

2.29

 

 

Texas Top Foreclosure Totals by County – August 2009

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg July 09

% Chg Aug 08

 

 

 

 

 

 

 

 

 

 

United States

62,070

76,154

105,850

38,263

76,134

358,471

357

6.74

32.32

Texas

109

4

7,375

0

3,773

11,261

838

-6.76

3.62

 

 

 

 

 

 

 

 

 

 

Harris

13

0

1,686

0

706

2,405

642

-9.52

-18.67

Dallas

11

0

1,204

0

156

1,371

684

-8.96

-25.33

Tarrant

9

0

895

0

365

1,269

531

4.88

13.61

Bexar

1

1

533

0

288

823

733

-10.54

13.36

Travis

2

1

285

0

268

556

755

-4.47

148.21

 

 

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