Foreclosure rates may be on the rise, but recent information from RealtyTrac Inc. shows Texas MSAs were not among the top ten foreclosure areas in the United States for the first half of 2007. Among the other findings:
~ Fort Worth–Arlington ranked 13th and Dallas ranked 17th among the top 100 MSAs by number of foreclosure filings.
~ Texas foreclosure filings were down more than 13 percent compared with the first half of last year, as were all of the major Texas MSAs except Fort Worth–Arlington, which was up 5 percent.
~ The number of properties filed upon statewide was down 8 percent from the first half of 2006.
~ Houston–Baytown–Sugar Land was the only Texas MSA to register an increase in the number of properties filed upon, and that increase was 1 percent.
“The decline in filings and properties with filings reflects the continued steady increase in Texas residential property values, the continued stable economy and employment and the fact that Texas did not rely on extreme, exotic loan terms to the same extent as other, higher-priced markets,” said Dr. Jim Gaines, research economist with the Real Estate Center at Texas A&M University.
Gaines says a great deal of the national foreclosure market is concentrated in a handful of states, primarily the previously hot markets in California, Florida, Nevada and Arizona, as well as as Michigan, Ohio and Indiana, where the pullback in the automotive industry has resulted in job losses.
Source: Real Estate Center, RealtyTrac Inc.