Texas Foreclosure Activity Up in First Quarter

Foreclosure filings slide up 1.5 percent from Q4 2010, drop 7 percent from a year ago

State’s foreclosure rate 18th highest in the nation

 

Foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 34,646 Texas properties during the first quarter of 2011, up one and a half percent from the fourth quarter of 2010 but 7 percent below the level reported for the same quarter last year, according to the latest RealtyTrac® U.S. Foreclosure Market Report. The state posted the 18th highest foreclosure rate in the nation, with one in every 281 Texas housing units receiving a foreclosure filing during the quarter.

 

Foreclosure filings were reported on 11,018 Texas properties in March, a 5 percent decrease from February and down 29 percent from March 2010. One in every 883 Texas housing units received a foreclosure filing in March, the 24th highest state foreclosure rate in the nation for the month. Following California (168,543), Florida (58,322), Arizona (46,047), Georgia (37,509) and Michigan (37,506), the Lone Star State followed claiming the sixth highest foreclosure total, reporting 34,646 properties with foreclosure filings for the period.

 

The rest of the nation’s top 10 state foreclosure totals for the first quarter of the year included: Illinois (33,092), Nevada (32,066), Ohio (24,697) and Colorado (13,847). The top five states accounted for 51 percent of the nation’s total quarterly foreclosure activity.

 

Kaufman County takes top foreclosure rate honors in the first quarter

Kaufman County posted the highest foreclosure rate in Texas during the first quarter of 2011, with one in every 88 housing units receiving a foreclosure filing — 3.2 times the state average. Rockwall County reported the second highest foreclosure rate, with 120 properties with a foreclosure filing — 2.3 times the state average. One in every 133 housing units in Williamson County received a foreclosure filing, the third highest foreclosure rate in the state for the quarter — 2.1 times the state average.

 

Harris County led the state in foreclosure activity for first quarter

Harris County led the way, reporting 7,611 properties with foreclosure filings during the quarter. Dallas County was second highest in the state, reporting 4,797 properties with foreclosure filings. Third highest total was tallied in Tarrant County, where 2,889 properties with foreclosure filings were reported. Reporting 2,450 properties with foreclosure filings for the quarter, Bexar County registered the fourth highest total in the state. Fifth highest was Travis County, where 1,689 properties with foreclosure filings were reported for the quarter.

 

State contributes 5 percent to nation’s foreclosure total in the first quarter

Texas accounted for 5 percent of the 681,153 properties with foreclosure filings reported nationwide for the first quarter of 2011. Total U.S. activity decreased almost 15 percent from the fourth quarter of 2010, and was down 27 percent from the level reported for the same quarter in 2010. One in every 191 U.S. housing units received a foreclosure filing during the quarter.

 

“The nation’s housing market continued to languish in the first quarter, even as foreclosure activity fell to a three-year low,” said James J. Saccacio, chief executive officer of RealtyTrac. “Weak demand, declining home prices and the lack of credit availability are weighing heavily on the market, which is still facing the dual threat of a looming shadow inventory of distressed properties and the probability that foreclosure activity will begin to increase again as lenders and servicers gradually work their way through the backlog of thousands of foreclosures that have been delayed due to improperly processed paperwork.”

 

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 – Q1 2011

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

97,901

99,211

216,867

52,128

215,046

681,153

191

n/a

n/a

Texas

27

0

20,725

0

13,894

34,646

281

0.68

n/a

 

 

 

 

 

 

 

 

 

 

Kaufman

0

0

215

0

151

366

88

2.17

3.19

Rockwall

0

0

125

0

95

220

120

1.59

2.34

Williamson

5

0

678

0

386

1,069

133

1.43

2.11

Bastrop

2

0

95

0

86

183

139

1.38

2.02

Fort Bend

0

0

776

0

309

1,085

150

1.27

1.87

 

 

Texas Top Foreclosure Totals by County – Q1 2011

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Q4 10

% Chg Q1 10

 

 

 

 

 

 

 

 

 

 

United States

97,901

99,211

216,867

52,128

215,046

681,153

191

-14.76

-26.93

Texas

27

0

20,725

0

13,894

34,646

281

1.45

-7.25

 

 

 

 

 

 

 

 

 

 

Harris

0

0

5,122

0

2,489

7,611

211

1.37

-2.56

Dallas

0

0

3,378

0

1,419

4,797

199

8.82

-4.92

Tarrant

1

0

1,722

0

1,166

2,889

239

-22.23

-23.89

Bexar

0

0

1,396

0

1,054

2,450

252

-3.20

-19.09

Travis

0

0

1,160

0

529

1,689

258

1.44

12.15

 

 

To search and research real estate data for more than 130 million properties nationwide, sign up for a FREE trial to RealtyTrac.

For the latest real estate news and trends get a FREE issue of our award-winning real estate newsletter, the Housing News Report.

Related Posts

Leave a Reply

Copyright © 2016 Renwood RealtyTrac LLC - All rights reserved