Texas Foreclosure Activity Level Decreases in April

Foreclosure activity down 20 percent; state 29th highest foreclosure rate

 

Foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 8,793 Texas properties in April, down 20 percent from March and 33 percent below the level reported for April 2010, according to the latest RealtyTrac® U.S. Foreclosure Market Report.

 

One in every 1,106 Texas housing units received a foreclosure filing in April, placing it in position as the state with the nation’s 29th highest foreclosure rate.

 

Following Illinois (10,055), the Lone Star State reported the seventh highest total in the nation for total monthly foreclosure activity with 8,793 properties with foreclosure filing. Georgia followed closely behind as the state with the eighth highest activity level, reporting 8,479 properties with foreclosure filings for the month. Ohio did likewise as the state with the ninth highest total, tallying 7,962 properties with foreclosure filings. Colorado rounded out the nation’s top 10, reporting 4,379 properties with foreclosure filings.

 

The first five states in the nation’s top 10 for April included California (55,869), Florida (19,649), Arizona (13,419), Michigan (12,996) and Nevada (11,761). The top five states accounted for 52 percent of the nation’s total foreclosure activity for the month.

 

Kaufman County tops in foreclosure rate for April

Kaufman County posted the highest foreclosure rate among all Texas counties, with one in every 392 housing units receiving a foreclosure filing in April — 2.8 times the state average. Johnson County posted the second highest foreclosure rate, where one in every 450 housing units received a foreclosure filing during the month — 2.5 times the state average. Rockwall County came in third, with one in every 455 housing units receiving a foreclosure filing during the month — 2.4 times the state average.

 

Harris County dominates state foreclosure totals in April

Harris County led all counties, reporting 1,985 properties with foreclosure filings for the month. Dallas County was second highest, reporting 1,117 properties with foreclosure filings. Third highest in the state was Tarrant County, where 879 properties with foreclosure filings were reported. Bexar County was fourth highest, tallying 645 properties with foreclosure filings. Fifth highest was Travis County, where 335 properties with foreclosure filings were reported for the month.

 

State contributes 4 percent to nation’s foreclosure crisis in April

Texas accounted for 4 percent of the 219,258 properties with foreclosure filings reported nationwide in April. Total U.S. activity decreased by nearly 9 percent from March, and was down 34 percent from the level reported in April 2010. One in every 593 U.S. housing units received a foreclosure filing during the month.

 

“Foreclosure activity decreased on an annual basis for the seventh straight month in April, bringing foreclosure activity to a 40-month low,” said James J. Saccacio, chief executive officer of RealtyTrac. “This slowdown continues to be largely the result of massive delays in processing foreclosures rather than the result of a housing recovery that is lifting people out of foreclosure.

 

“The first delay occurs between delinquency and foreclosure, when lenders and services are no longer automatically pushing loans that are more than 90 days delinquent into foreclosure but are waiting longer to allow for loan modifications, short sales and possibly other disposition alternatives,” Saccacio continued. “Data from the Mortgage Bankers Association shows that about 3.7 million properties are in this seriously delinquent stage. The second delay occurs after foreclosure has started, when lenders are taking much longer than they were just a few years ago to complete the foreclosure process.”

 

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 – April 2011

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

31,684

31,738

65,898

20,406

69,532

219,258

593

n/a

n/a

Texas

9

0

4,884

0

3,900

8,793

1,106

0.54

n/a

 

 

 

 

 

 

 

 

 

 

Kaufman

0

0

45

0

37

82

392

1.51

2.82

Johnson

0

0

55

0

67

122

450

1.32

2.46

Rockwall

0

0

26

0

32

58

455

1.30

2.43

Comal

0

0

51

0

48

99

479

1.24

2.31

Fort Bend

0

0

176

0

100

276

590

1.01

1.88

 

 

Texas Top Foreclosure Totals by County – April 2011

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Mar 11

% Chg Apr 10

 

 

 

 

 

 

 

 

 

 

United States

31,684

31,738

65,898

20,406

69,532

219,258

593

-8.56

-34.32

Texas

9

0

4,884

0

3,900

8,793

1,106

-20.19

-33.05

 

 

 

 

 

 

 

 

 

 

Harris

0

0

1,182

0

803

1,985

808

-11.34

27.53

Dallas

0

0

674

0

443

1,117

856

-13.68

-33.35

Tarrant

0

0

515

0

364

879

787

-19.06

-37.44

Bexar

0

0

350

0

295

645

959

-25.09

-35.76

Travis

0

0

161

0

174

335

1,300

20.07

-31.63

 

 

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