DALLAS-FORT WORTH FORECLOSURES INCREASE 42 PERCENT IN JULY

Metro Area’s Foreclosure Rate More Than Four Times National Average

Texas Posts Most Foreclosure Filings for Eighth Consecutive Month

 

IRVINE, Calif. – Aug. 22, 2006 – Foreclosure activity in the Dallas-Fort Worth metro area increased 42 percent in July, boosting the region’s foreclosure rate to more than four times the nation average, according to the RealtyTrac™ 2006 U.S. Foreclosure Market Report. The 14-county metropolitan area reported 6,667 properties entering some stage of foreclosure during the month and a foreclosure rate of one new foreclosure filing for every 308 households.

 

RealtyTrac publishes the largest and most comprehensive national database of pre-foreclosure and foreclosure properties, with over 600,000 properties from over 2,500 counties across the country, and is the foreclosure data provider to MSN Real Estate, Yahoo! Real Estate, AOL Real Estate and Knight Ridder Online.

 

The metro area posted the highest foreclosure rate among the five major metropolitan areas analyzed monthly by RealtyTrac. New York, Philadelphia, Los Angeles and Chicago all documented lower foreclosure rates than Dallas-Fort Worth.

 

“While foreclosure activity in Dallas-Fort Worth has experienced substantial monthly fluctuations so far this year, the area’s foreclosure rate has consistently remained well above the national average and higher than other major metropolitan areas,” said James J. Saccacio, chief executive officer of RealtyTrac. “Above-average unemployment and below-average home price appreciation in the region are certainly weighing down the housing market and making it hard to shake off these high foreclosure rates.”

 

Dallas County foreclosure activity increased 39 percent in July, with 3,042 properties entering some stage of foreclosure. That was a foreclosure rate of one new foreclosure filing for every 281 households, 4.4 times the national average.

 

With one new foreclosure filing for every 292 households, Tarrant County posted a foreclosure rate that was 4.3 times the national average. The county reported 1,938 properties entering some stage of foreclosure, a 68 percent increase from the previous month.

 

After posting the highest county foreclosure rate in the country in June, Rockwall County reported a 20 percent decline in foreclosure activity in July, and the county’s foreclosure rate dropped to sixth highest in the nation. But with one new foreclosure filing for every 199 households, the county’s foreclosure still ranked highest in the metropolitan area and was more than six times the national average.

 

The majority of counties in the metropolitan area reported increasing foreclosure activity and above-average foreclosure rates in July, including Collin County with 718 new foreclosure filings — one for every 271 households — and Denton County with 482 new foreclosure filings — one for every 349 households.

 

Texas reported 13,103 properties entering some stage of foreclosure during the month, a 15 percent increase from the previous month and a 30 percent year-over-year increase from July 2005. The state reported the most new foreclosures of any state for the eighth month in a row and a foreclosure rate of one new foreclosure filing for every 614 households — third highest among the states.

 

After hitting its lowest point year to date in June, U.S. foreclosure activity bounced 5 percent higher in July, with 92,845 properties entering some stage of foreclosure during the month — a foreclosure rate of one new foreclosure filing for every 1,245 households.

 

The RealtyTrac Monthly U.S. Foreclosure Market Report provides the total number of homes in some stage of foreclosure nationwide, statewide and by county in the Dallas-Fort Worth Metropolitan Statistical Area over the preceding month. RealtyTrac’s report includes properties in all three phases of foreclosure: Pre-foreclosures – Notice of Default (NOD) and Lis Pendens (LIS); Foreclosures – 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 re-purchased by a bank).

 

Dallas-Fort Worth Foreclosure Market Statistics by County – July 2006

 

Area

NODs

NTSs

NFSs

LISs

REOs

Total

1 for every #households

%Change from previous month

US

20,202

38,173

4,795

13,295

16,380

92,845

1,245

5.27

Texas

109

11,117

0

0

1,877

13,103

614

15.39

Dallas-Fort Worth MSA

 

30

5,486

0

0

1,151

6,667

308

41.761

Collin County, TX

1

629

0

0

88

718

271

49.896

Dallas County, TX

13

2,509

0

0

520

3,042

281

38.841

Delta County, TX

0

0

0

0

0

0

 

 

Denton County, TX

1

446

0

0

35

482

349

32.782

Ellis County, TX

0

70

0

0

27

97

403

32.877

Henderson County, TX

4

4

0

0

135

143

251

333.333

Hood County, TX

0

0

0

0

6

6

3,184

20.000

Hunt County, TX

0

0

0

0

0

0

 

-100.000

Johnson County, TX

1

11

0

0

37

49

944

-68.387

Kaufman County, TX

0

56

0

0

5

61

428

-7.576

Parker County, TX

2

16

0

0

25

43

793

-44.872

Rockwall County, TX

0

67

0

0

10

77

199

-19.792

Tarrant County, TX

8

1,677

0

0

253

1,938

292

68.375

Wise County, TX

0

1

0

0

10

11

1,749

-8.333

 

 

About RealtyTrac Inc.

Ranked as the third largest real estate site by ComScore Media Metrix, 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 construction properties, with more than 1 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 AOL Real Estate, MSN Real Estate and Yahoo! Real Estate. For more information, visit www.realtytrac.com.

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Media Contacts:
Michelle Schneider
949.502.8300 Ext. 139
michelle.schneider@realtytrac.com

Christine Stricker
949.502.8300 Ext. 268
christine.stricker@realtytrac.com

Detailed & Historical Data:
Tyler White
949.502.8300 Ext. 158
tyler.white@realtytrac.com

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