ACCORDING TO REALTYTRAC™ U.S. FORECLOSURE MARKET REPORT
Foreclosure Rate Third Highest Among Nation’s Top Five Metros
Texas Foreclosure Activity Down 16 Percent
IRVINE, Calif. – Nov. 26, 2007 – The eight-county Dallas metropolitan area reported 3,450 foreclosure filings in October, a 37 percent decrease from the previous month and lowering the city’s foreclosure rate to third highest among five of the nation’s largest metropolitan areas, according to the latest RealtyTrac® U.S. Foreclosure Market Report. The metro area’s foreclosure rate of one foreclosure filing for every 437 households was 1.3 times the national average and higher than the rates in New York and Philadelphia, but was lower than the foreclosure rates in Los Angeles and Chicago.
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.
“Relatively speaking, Texas is holding up pretty good in the housing downturn,” said James J. Saccacio, chief executive officer of RealtyTrac. “Foreclosure activity decreased significantly in October and the state has benefited from one of the strongest job markets in the nation. Moreover, Texas home prices are more stable because prices did not spike the way they did in some other states in recent years.”
Dallas County foreclosure activity decreases 37 percent
Dallas County reported 2,299 foreclosure filings in October, the most of any metro county but down 37 percent from the previous month. The county’s foreclosure rate of one new foreclosure filing for every 398 households was fourth highest among metro counties and 1.4 times the national average.
Collin County registered the metro area’s second highest foreclosure total, with 526 foreclosure filings reported in October. The county had a foreclosure rate of one foreclosure filing for every 476 households — fifth highest in the metro area. Denton County reported 319 foreclosure filings during the month, the third highest county total in the metro area.
Kaufman County posts metro’s top foreclosure rate
Kaufman County posted the Dallas metro’s top foreclosure rate in October — one foreclosure filing for every 313 households — 1.7 times the national average. The county reported 95 foreclosure filings, a 34 percent decrease from the previous month. Ellis County’s foreclosure activity decreased 39 percent in October, and the county’s foreclosure rate of one foreclosure filing for every 361 households ranked second highest in the metro area.
With one foreclosure filing for every 362 households, Rockwall County documented the metro’s third highest county foreclosure rate in October. The county reported 61 foreclosure filings, down 62 percent from the previous month.
Texas foreclosure activity decreases 16 percent
Texas reported 12,288 foreclosure filings in October, down 16 percent from the previous month but up 26 percent from October 2006. The state’s total was fifth highest behind the totals in California, Florida, Ohio and Michigan, but the state’s foreclosure rate of one foreclosure filing for every 735 households ranked 15th highest among the states.
A total of 224,451 foreclosure filings were reported nationwide in October, a 2 percent increase from the previous month and a 94 percent increase from October 2006. The national foreclosure rate was one foreclosure filing for every 555 households.
The RealtyTrac Monthly U.S. Foreclosure Market Report provides the total number of foreclosure filings nationwide, statewide and by county in the Dallas-Plano-Irving Metropolitan Statistical Area Division over the preceding month. RealtyTrac’s report includes documents filed 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.
Dallas Area Foreclosure Market Statistics by County – October 2007
|Area||NODs||NTSs||NFSs||LISs||REOs||Total||1 for every #HH||/Natl Avg|
Collin County, TX
Dallas County, TX
Delta County, TX
Denton County, TX
Ellis County, TX
Hunt County, TX
Kaufman County, TX
Rockwall County, TX