Foreclosure rates beginning to slow in Texas, study shows
On the national front, the number of foreclosed homes continues to be bleak. But at least things are a little brighter for residential real estate in the Lone Star State.
Over the last three months of 2007, Texas recorded 36,140 foreclosure filings, according to the latest report by Irvine, Calif.-based RealtyTrac Inc. This figure represents more than an 18 percent decrease from the number of foreclosures filed in Texas between July through September 2007. The current figure of some 36,000 filings also reflects a 3.85 percent decrease from the number of filings reported from October through December 2006, the report adds.
Foreclosure numbers reported by RealtyTrac include default notices, auction sale notices and bank repossessions.
Texas reported 149,703 foreclosure filings over the 12 months of 2007. This figure marks a 4.57 percent decrease in the number of filings reported for the same time period in 2006, RealtyTrac reports.
The national numbers, however, are more disconcerting.
RealtyTrac reports that between the months of October through December 2007, a total of 642,150 foreclosures were filed in the United States -- marking an 86 percent increase from the number of filings reported over the same period in 2006.
Over the 12 months ended Dec. 31, 2007, a total of 2.2 million foreclosure filings were reported by RealtyTrac. This figure reflects a 75 percent increase from the number of filings for the 12 months of 2006, RealtyTrac reports.
At the end of 2007, there were several homes that had just entered the foreclosure process, according to RealtyTrac CEO James J. Saccacio. That could make 2008 another bleak year for residential real estate -- "unless lender and government intervention efforts begin to gain more traction," Saccacio adds.
Nevada ended 2007 posting the highest foreclosure rate -- with a total of 3.4 percent of the state's homes in some state of foreclosure. Coming in second and third place were Florida and Michigan -- with 2 percent and 1.9 percent of its homes, respectively, in the foreclosure process.
Texas came in at No. 12 on RealtyTrac's foreclosure rate list -- with .94 percent of its dwellings in the foreclosure process as of Dec. 31, 2007.
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