Texas Real Estate Continues To Fare Better Than Many Other Parts Of The Country
September 13, 2008
RealtyTrac®, today released its August 2008 U.S. Foreclosure Market Report™, which shows foreclosure filings — default notices, auction sale notices and bank repossessions — were reported on 303,879 U.S. properties during the month, a 12 percent increase from the previous month and a 27 percent increase from August 2007. The report also shows one in every 416 U.S. households received a foreclosure filing during the month.
“In August the total number of U.S. properties that received foreclosure filings as well as the national foreclosure rate were both the highest we’ve seen in any month since we began issuing our report in January 2005; however, the annual increase of 27 percent was actually substantially lower than in previous months this year, when it was hovering around 50 to 65 percent,” said James J. Saccacio, chief executive officer of RealtyTrac. “The lower annual percentage increase this month is due to a big spike in activity last August — particularly in default activity. Over the past few months we’ve seen annual increases in default activity and auction activity moderating, and that trend continued in August, with default activity up just 10 percent from a year ago and auction activity up 7 percent from a year ago.
“The increases in default and auction activity could be slowing down partly as the result of new legislation passed in several states that is designed to give homeowners in distress more time before foreclosure proceedings are initiated. In addition, some lenders are adopting loan servicing guidelines that encourage more pro-active approaches to helping homeowners avoid foreclosure. The question now is whether these measures will actually reduce foreclosures or simply cause a temporary lull in foreclosure activity.”
Texas had one foreclosure filing for every 849 households, up 4.96 percent from last month but down 35.96 percent from August 2007.
U.S Foreclosure Market Data by State – August 2008
| Properties with Foreclosure Filings | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Rate Rank | State Name | NOD | LIS | NTS | NFS | REO | Total | 1/every X HH (rate) | %Change from Jul 08 | %Change from Aug 07 |
|
– |
U.S. |
61,903 |
57,156 |
69,693 |
24,234 |
90,893 |
303,879 |
416 |
11.65 |
26.69 |
|
20 |
Texas |
211 |
0 |
6,131 |
0 |
4,526 |
10,868 |
849 |
4.96 |
-35.96 |
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