Texas Foreclosure Activity Drops in February

Statewide foreclosure filings down 22 percent

 

Foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 11,562 Texas properties in February, a 22 percent decrease in foreclosure activity from January and 9 percent below the level reported for February 2010, according to the latest RealtyTrac® U.S. Foreclosure Market Report.

 

The state’s activity level was down at every stage of the foreclosure process during the month, led by the number of auction notices down 28 percent, followed by default notices down 13 percent, and bank repossessed properties (REOs) down 12 percent from the previous month. One in every 841 Texas housing units received a foreclosure filing in February, the nation’s 23rd highest foreclosure rate for the month. Texas also recently recorded a slight increase in unemployment to 8.3 percent.

 

California led the nation in total foreclosure activity, reporting 56,229 properties with a foreclosure filing. Florida held the second spot, with 18,760 properties with foreclosure filings for the month. Arizona was third highest, tallying 15,485 properties with foreclosure filings. Michigan dropped a notch to fourth highest, tallying 14,003 properties with foreclosure filings. Fifth highest foreclosure total was reported in Georgia, where 12,807 properties with foreclosure filings were reported for the month. The remaining states in the nation’s top 10 for total foreclosure activity in February included Texas (11,562), Illinois (9,592), Nevada (9,553), Ohio (8,598) and Wisconsin (4,478). The top 10 states accounted for 72 percent of the nation’s total foreclosure activity for the month.

 

Kaufman County posts state’s top foreclosure rate in February

Kaufman County posted the highest foreclosure rate of all Texas counties, with one in every 262 housing units receiving a foreclosure filing in February — 3.2 times the state average. Bastrop County had the second highest foreclosure rate, with one in every 279 housing units receiving a foreclosure filing during the month — three times the state average. One in every 337 housing units in Johnson County received a foreclosure filing, the third highest foreclosure rate in the state — 2.5 times the state average.

 

Harris County records highest state foreclosure totals in February

Harris County had the highest total, reporting 2,347 properties with a foreclosure filing.

Dallas County reported 1,737 properties with foreclosure filings, the second highest foreclosure total in the state. Tarrant County came in third, reporting 1,050 properties with foreclosure filings. Bexar County was fourth, tallying 971 properties with foreclosure filings. Fifth highest was Travis County, where 717 properties with foreclosure filings were reported for the month.

 

State the sixth largest contributor to nation’s foreclosure total in February

Five percent of the 225,101 properties with foreclosure filings reported nationwide in February were located in Texas. Total U.S. activity decreased by nearly 14 percent from January, and was down 27 percent from the level reported in February 2010. One in every 577 U.S. housing units received a foreclosure filing during the month.

 

“Foreclosure activity dropped to a 36-month low in February as allegations of improper foreclosure processing continued to dog the mortgage servicing industry and disrupt court dockets,” said James J. Saccacio, chief executive officer of RealtyTrac. “While a small part of February’s decrease can be attributed to it being a short month and bad weather, the bottom line is that the industry is in the midst of a major overhaul that has severely restricted its capacity to process foreclosures. We expect to see the numbers bounce back, but that will likely take several months. And monthly volume may never return to its peak in March 2010 of more than 367,000 properties receiving foreclosure filings.”

 

Report methodology

The RealtyTrac U.S. Foreclosure Market Report provides a count of the total number of properties with at least one foreclosure filing entered into the RealtyTrac database during the month — broken out by type of filing by state, county and metropolitan statistical area. Some foreclosure filings entered into the database during the month may have been recorded in previous months. Data is collected from more than 2,200 counties nationwide, and those counties account for more than 90 percent of the U.S. population. 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 received for a property during the month, 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 – February 2011

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

32,184

30,981

79,195

18,098

64,643

225,101

577

n/a

n/a

Texas

14

0

7,156

0

4,392

11,562

841

0.69

n/a

 

 

 

 

 

 

 

 

 

 

Kaufman

0

0

91

0

32

123

262

2.21

3.22

Bastrop

1

0

38

0

52

91

279

2.07

3.01

Johnson

0

0

117

0

46

163

337

1.71

2.50

Rockwall

0

0

43

0

32

75

352

1.64

2.39

Cooke

0

0

0

0

37

37

433

1.33

1.94

 

 

Texas Top Foreclosure Totals by County – February 2011

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Jan 11

% Chg Feb 10

 

 

 

 

 

 

 

 

 

 

United States

32,184

30,981

79,195

18,098

64,643

225,101

577

-13.86

-27.04

Texas

14

0

7,156

0

4,392

11,562

841

-22.39

-8.51

 

 

 

 

 

 

 

 

 

 

Harris

0

0

1,518

0

829

2,347

683

-39.43

-14.81

Dallas

0

0

1,276

0

461

1,737

551

-15.80

-4.51

Tarrant

0

0

713

0

337

1,050

659

-4.81

-24.68

Bexar

0

0

620

0

351

971

637

12.51

-3.19

Travis

0

0

448

0

269

717

608

-4.14

65.97

 

 

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