Texas Foreclosures Incline in January

State foreclosure activity increases 33 percent for month; rate 17th highest in nation

 

Foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 14,897 Texas properties in January, a 33 percent increase from December.

On a year-over-year basis the state’s foreclosure total is nearly 22 percent above the level reported for January 2010, according to the latest RealtyTrac® U.S. Foreclosure Market Report.

 

One in every 653 Texas housing units received a foreclosure filing in January, the 17th highest state foreclosure rate in the nation for the month.

 

January was the 49th consecutive month that California maintained its status as the nation’s foreclosure leader. Remaining in sole possession of the nation’s number two spot for that same time period, Florida reported 21,671 properties with foreclosure filings for the month. Michigan came in a distant third, reporting 15,716 properties with foreclosure filings, followed by fourth place Arizona, where 15,757 properties with foreclosure filings were reported. Fifth highest foreclosure total was reported in Texas, where 14,897 properties with foreclosure filings were tallied.

 

The rest of January’s top 10 foreclosure states included Illinois (13,164), Georgia (12,772), Nevada (12,263), Ohio (8,924) and New Jersey (5,526). The nation’s top five states accounted for 52 percent of all foreclosure activity for the month.

 

Kaufman County posts state’s top foreclosure rate in January

Kaufman County posted the highest foreclosure rate of all Texas counties in January, with one in every 231 housing units receiving a foreclosure filing — 2.8 times the state average. Rockwall County reported the second highest foreclosure rate, with one in every 287 housing units receiving a foreclosure filing during the month — 2.3 times the state average. One in every 290 housing units in Fort Bend County received a foreclosure filing during the month, the third highest foreclosure rate in the state — 2.2 times the state average.

 

Harris County dominates state foreclosure activity in January

Harris County started off 2011 reporting 3,875 properties with foreclosure filings in January, the highest total in Texas for the month. Dallas County tallied the second highest total in the state, reporting 2,063 properties with foreclosure filings. Third highest was Tarrant County, where 1,103 properties with foreclosure filings were reported. Bexar County came in fourth, reporting 863 properties with foreclosure filings, followed by Travis County, where 748 properties with foreclosure filings were reported for the month.

 

State contributes 6 percent to the nation’s foreclosure total in January

Texas accounted for 6 percent of the 261,333 properties with foreclosure filings reported nationwide in January. Total U.S. activity increased by more than 1 percent from December, but was down more than 17 percent from the level reported in January 2010. One in every 497 U.S. housing units received a foreclosure filing during the month.

 

“We’ve now seen three straight months with fewer than 300,000 properties receiving foreclosure filings, following 20 straight months where the total exceeded 300,000,” said James J. Saccacio, chief executive officer of RealtyTrac. “Unfortunately this is less a sign of a robust housing recovery and more a sign that lenders have become bogged down in reviewing procedures, resubmitting paperwork and formulating legal arguments related to accusations of improper foreclosure processing.”

 

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 – January 2011

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

36,964

38,234

88,050

19,952

78,133

261,333

497

n/a

n/a

Texas

16

0

9,898

0

4,983

14,897

653

0.76

n/a

 

 

 

 

 

 

 

 

 

 

Kaufman

0

0

80

0

59

139

231

2.15

2.82

Rockwall

0

0

55

0

37

92

287

1.74

2.28

Fort Bend

0

0

454

0

108

562

290

1.72

2.25

Williamson

4

0

312

0

153

469

303

1.64

2.15

Delta

0

0

0

0

8

8

315

1.58

2.08

 

 

Texas Top Foreclosure Totals by County – January 2011

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Dec 10

% Chg Jan 10

 

 

 

 

 

 

 

 

 

 

United States

36,964

38,234

88,050

19,952

78,133

261,333

497

1.39

-17.23

Texas

16

0

9,898

0

4,983

14,897

653

33.46

21.86

 

 

 

 

 

 

 

 

 

 

Harris

0

0

2,983

0

892

3,875

414

36.25

40.30

Dallas

0

0

1,552

0

511

2,063

464

83.21

101.27

Tarrant

0

0

679

0

424

1,103

627

-8.39

-9.81

Bexar

0

0

489

0

374

863

716

0.12

-12.39

Travis

0

0

554

0

194

748

582

39.81

31.92

 

 

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