Texas Foreclosure Activity Slightly in October

Foreclosure filings up 2 percent from September; rate 29th highest

 

Foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 13,008 Texas properties in October, a two percent increase from the previous month and 10 percent above the level reported in October 2009, according to the latest RealtyTrac® U.S. Foreclosure Market Report.  

 

One in every 738 Texas housing units received a foreclosure filing in October, maintaining the state’s status as the 29th highest foreclosure rate in the nation for the month.

 

Texas foreclosures were up in October,” said James J. Saccacio, chief executive officer of RealtyTrac. “The largest increase was in bank-owned properties, which climbed 17 percent for the month. Even so, unemployment here remains well below the national average, and both home values and sales were higher than most states earlier this year. If these trends continue, we may see foreclosures begin to come down here in the near future.”

 

California continued to lead the nation in total foreclosures in October with 66,475 properties with foreclosure filings. Florida remained in sole possession of second place, reporting 56,858 properties with foreclosure for the month. Michigan maintained its third place ranking for the third consecutive month, reporting 19,288 properties with foreclosure filings for the month. Illinois moved up two spots to rank the fourth highest foreclosure total, tallying 16,969 properties with foreclosure filings, narrowly beating out fifth place Arizona, which moved down one spot reporting 16,538 properties with foreclosure filings for the month.

 

Rockwall County posts state’s top foreclosure rate for October

Rockwall County posted the highest county foreclosure rate in Texas for the month, with one in every 376 housing units receiving a foreclosure filing during October — twice the state average. Collin County registered the second highest foreclosure rate, with one in every 397 housing units receiving a foreclosure filing during the month. Johnson County was third highest, with one in every 400 housing units receiving a foreclosure filing.

 

Harris County dominates state foreclosure activity in October

Foreclosure activity was heaviest in Harris County, which reported 2,940 properties with foreclosure filings for the month. Dallas County tallied the second highest foreclosure level, reporting 1,693 properties with foreclosure filings. Third highest total was in Tarrant County, where 1,636 properties with foreclosure filings were reported. Fourth highest was Bexar County, where 997 properties with foreclosure filings were reported. Collin County filled out the top five for the month, reporting 721 properties with foreclosure filings.

 

State contributes 4 percent to nation’s monthly foreclosure total

Texas accounted for 4 percent of the 332,172 properties with foreclosure filings reported nationwide in October. Total U.S. activity decreased by more than 4 percent from the previous month, and was down fractionally from the level reported in October 2009. One in every 389 U.S. housing units received a foreclosure filing during the month.

 

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 – October 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

43,271

57,304

92,989

45,372

93,236

332,172

389

n/a

n/a

Texas

5

0

6,835

0

6,168

13,008

738

0.53

n/a

 

 

 

 

 

 

 

 

 

 

Rockwall

0

0

33

0

36

69

376

1.03

1.96

Collin

0

0

293

0

428

721

397

0.98

1.86

Johnson

0

0

46

0

89

135

400

0.97

1.85

Williamson

0

0

257

0

84

341

402

0.97

1.84

Fort Bend

0

0

240

0

143

383

409

0.95

1.80

 

 

Texas Top Foreclosure Totals by County – October 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Sept 10

% Chg Oct 09

 

 

 

 

 

 

 

 

 

 

United States

43,271

57,304

92,989

45,372

93,236

332,172

389

-4.39

-0.04

Texas

5

0

6,835

0

6,168

13,008

738

1.87

10.26

 

 

 

 

 

 

 

 

 

 

Harris

0

0

1,752

0

1,188

2,940

538

-10.50

14.13

Dallas

0

0

852

0

841

1,693

559

34.69

6.41

Tarrant

0

0

732

0

904

1,636

419

74.23

39.35

Bexar

0

0

541

0

456

997

614

-14.05

-0.99

Collin

0

0

293

0

428

721

397

40.55

99.17

 

           

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