TEXAS FORECLOSURE ACTIVITY INCREASES 10 PERCENT IN JUNE

IRVINE, Calif. – July 28, 2008 – Texas reported 11,052 properties with foreclosure filings in June, up 10 percent from the previous month and 30 percent above the level reported for June 2007, according to the latest RealtyTrac® U.S. Foreclosure Market Report.

 

RealtyTrac publishes the largest and most comprehensive national database of foreclosure and bank-owned properties, with over 1.5 million properties from over 2,200 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.

 

“Foreclosure activity in Texas has moderated within a narrow range from month to month so far in 2008, but is up significantly from this time last year,” said James J. Saccacio, chief executive officer of RealtyTrac. “Unemployment is in check in many parts of the state. However, home sales are down on a yearly basis for both June and year to date, while the rate of home price appreciation continues to decline. These factors are at least partly responsible for maintaining the inventory of foreclosures around their current level.

 

Although it continues to rank high on the national scale, foreclosure activity in the Lone Star State paled in comparison to national leader California, which reported 68,666 properties with foreclosure filings for June. Texas also trailed well behind second ranked Florida, which reported 40,351 properties with foreclosure filings. Ohio came in third, reporting 13,194 properties with foreclosure filings for the month. Arizona placed fourth, reporting 12,950 properties with foreclosure filings, followed by fifth place Michigan, which reported 12,025 properties with foreclosure filings for the month. The remaining states in the nation’s top 10 for total properties foreclosure filings in June were Georgia, Nevada, Illinois and New York.

 

With one in every 835 households receiving a foreclosure filing during June, the state’s foreclosure rate ranked 18th among the 50 states.

 

Four counties account for bulk of state’s foreclosure activity in June

Four Texas counties accounted for 62 percent of all foreclosure activity in the state for June. Harris County topped the list, reporting 2,818 properties with foreclosure filings for the month. Dallas County came in second, documenting 1,933 properties with foreclosure filings. Third highest was Tarrant County, reporting 1,141 properties with foreclosure filings. Bexar County had the fourth highest total, reporting 906 properties with foreclosure filings. Fifth highest was in Collin County, where 452 properties with foreclosure filings were reported in June.

 

Loving County posts state’s highest foreclosure rate for June

With one in every 73 households receiving a foreclosure filing — 11.4 times the state average and 6.9 times the national average — Loving County posted the highest foreclosure rate in the state for June. Bastrop County tallied the second highest rate, with one in every 192 households receiving a foreclosure filing during the month — 4.4 times the state average and 2.6 times the national average. Third highest rate was in Rockwall County, where one in every 329 households received a foreclosure filing — 2.5 times the state average and 1.5 times the national average.

 

State a major contributor in nation’s foreclosure total in June

Texas accounted for 4 percent of the 252,363 properties with foreclosure filings reported nationwide in June. The national total represents a decrease of more than 3 percent from the previous month but is still 53 percent ahead of the total reported for June 2007. One in every 501 U.S. households 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.

 

About RealtyTrac Inc.

Ranked as the third largest real estate site by MediaMetrix, and No. 53 on Inc. magazine’s 2006 Inc. 500 list of the nation’s fastest growing private companies, 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 homes, with more than 1.3 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 MSN Real Estate, Yahoo! Real Estate and the Wall Street Journal’s Real Estate Journal. For more information, visit (www.realtytrac.com).

 

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Media Contact:

Michelle Sabolich

Atomic Public Relations

415-402-0230

michelle.sabolich@atomicpr.com

 

 

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