State Activity Level Down 14 Percent From December 2006
IRVINE, Calif. – Jan. 25, 2008 – Texas reported 12,253 foreclosure filings in December, a 6 percent increase from the previous month, but a 14 percent decline from the level reported in December 2006, 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 million properties from nearly 2,500 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 rose slightly in December after three straight months of declines, while the state’s total compared to the same month last year was down significantly,” said James J. Saccacio, chief executive officer of RealtyTrac. “This increase in foreclosure filings can be at least partially attributed to the many adjustable rate mortgages used to finance home purchases during the boom years which have now reset to higher rates, causing homeowners to fall behind on their loan payments and eventually end up in foreclosure.”
Although ranked third in the country for December, foreclosure activity in the Lone Star State lagged far behind national leader California by more than 41,000 foreclosure filings. Second ranked Florida totaled nearly 18,900 more foreclosure filings than Texas. Fourth place Ohio tallied 12,066 foreclosure filings for December. Michigan reported the fifth highest foreclosure total in the nation, reporting 11,644 foreclosure filings for the month. The remaining states in the nation’s top 10 for total foreclosure filings in December were Nevada, Illinois, Georgia, Arizona and Colorado.
The state’s foreclosure rate of one foreclosure filing for every 737 households was well below the national average, ranking it 13th among the 50 states.
Dallas County leads state in foreclosure filings for December
Dallas County led the state in total foreclosure activity, reporting 2,575 foreclosure filings for December. Harris County tallied the second highest foreclosure total, reporting 2,419 foreclosure filings. Tarrant County came in third highest with 2,033 foreclosure filings. Bexar County was fourth highest for the month with 896 foreclosure filings. Total foreclosure filings in the four top counties accounted for 65 percent of all filings entering some stage of the foreclosure pipeline in the state for the month.
Fort Bend County posts state’s highest foreclosure rate
Fort Bend County led the state with the highest county foreclosure rate, one foreclosure filing for every 286 households — 2.6 times the state average and twice the national average. Kaufman County posted the second highest foreclosure rate, one foreclosure filing for every 295 households — 2.5 times the state average and twice the national average. Tarrant County reported the third highest rate, one foreclosure filing for every 314 households — 2.3 times the state average and 1.8 times the national average. Dallas County posted the fourth highest rate, one foreclosure filing for every 355 households. Ellis County rounded out the state’s top five with a rate of one foreclosure filing for every 356 households.
State makes a major contribution to national total for the month
Total foreclosure filings in Texas accounted for 6 percent of the 215,749 foreclosure filings reported nationwide in December. The national total represents a 7 percent increase from the previous month, and is 97 percent above the total reported for December 2006. The nation’s foreclosure rate increased to one foreclosure filing for every 577 U.S. households for the month.
The RealtyTrac Monthly U.S. Foreclosure Market Report provides the total number of foreclosure filings — both nationwide and by state — over the preceding month. RealtyTrac’s report includes properties in all three phases of foreclosure: Defaults — Notice of Default (NOD) and Lis Pendens (LIS); Auctions — 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).
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).
Atomic Public Relations