Just released by RealtyTrac, the foreclosure activity across the U.S. is up 14 percent in the second quarter of 2008. But the good news for Texas is the foreclosure activity in our state is down 13.61% from Q1. Texas ranks 21st in activity among the 50 states. Nevada holds the dubious top spot. Followed closely by California. Real estate speculation was rampant in those states before the housing correction.
Texas Quick Stats:
- 14,781 homes had a notice of trustee sale filed in Q2 2008.
- 14,020 homes are owned as REO properties. (Bank owned)
- 1 out of every 317 has had some time of foreclosure activity in Q2.
- % change from Q1 is -13.61. (Down 13.61%) Woo Hoo.
Here's how that is good news. When the problem loans are purged from the system and those homes are repossessed by the mortgage holders and then sold, that is when the housing market can begin to rebound.
Take a look at these maps:
Provided by RealtyTrac(R), this map shows the foreclosure activity across the U.S.
Texas Map Shows Hot Spots.
Jefferson County has some of the area's highest numbers.
Jasper and Newton are low.
Orange and Hardin are in the middle.
A few Texas cities made the top 100 list. They are:
- Dallas #49
- Fort Worth #50
- Houston #51
- San Antonio #68
- Austin #78
- El Paso #91
- McAllen #92
No Southeast Texas metro areas to report.
The bright side to all this news is when the foreclosure activity in our area starts to drop off, it is a good sign for the overall housing market. When less REO properties are on the market at below market prices, overall prices should gain strength. Less inventory = higher prices.
This drop in Q2 is good news. If Texas foreclosure filings drop in Q3 consider that a very positive sign.
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