Texas Foreclosure Activity Up in Third Quarter

Real Estate Agent with RE/MAX Premier Group


Foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 34,187 Texas properties during the third quarter, a 4 percent increase from the previous quarter and up 15 percent from the third quarter of 2009, according to the latest RealtyTrac® U.S. Foreclosure Market Report.


For September, Texas reported 12,769 properties with foreclosure filings, an 11 percent decrease from the previous month and 3 percent below the level reported for the same month last year. One in every 752 Texas housing units received a foreclosure filing in September, the 29th highest foreclosure rate among the 50 states.


“Foreclosure activity continued to rise in Texas in the third quarter of 2010, with more filings reported than in the previous quarter and as compared to the third quarter of 2009,” said James J. Saccacio, chief executive officer of RealtyTrac. “Adding to the state’s mounting foreclosure filings is unemployment, which remains high at 8.3 percent, along with a high number of lenders increasing payments on subprime mortgages.”




Comments (0)