Thursday, January 12, 2006

Texas Foreclosures 'On The Move'

Here is a press release on 2005 foreclosures in Texas. "Foreclosures in Texas are once again on the move. For the month of December 2005, a total of 2,997 new foreclosures were reported in Texas. By comparison, at the end of November 2005, 2,350 homes were on the sales block due to foreclosures."

"For all of 2005, the total number of foreclosed properties in Texas stood at 11,458, up from the 9,928 foreclosed homes recorded at year-end 2004."

"'December's higher US foreclosure rates were almost exactly the same foreclosure rates reported in October, which means that the two months with the highest numbers of foreclosures were both in the fourth quarter of 2005,' said James J. Saccacio, CEO of RealtyTrac. 'These rising numbers to finish off the year may indicate that economic factors such as higher interest rates are making it harder for some homeowners stay current on their mortgage payments.'"

"Texas documented the highest foreclosure rate of any state, with a 61 percent increase in new foreclosures in December. The state reported 12,753 properties entering some stage of foreclosure, one new foreclosure for every 631 households and the most new foreclosures reported by any state. Texas accounted for more than 15 percent of the nation's new foreclosures, RealtyTrac reported."

"Increasing foreclosures in Ohio and Indiana kept foreclosure rates in those states among the nation's five highest for the second month in a row. Ohio reported 6,767 properties entering some stage of foreclosure, a 36 percent increase and one new foreclosure for every 707 households. Indiana reported 3,387 properties entering some stage of foreclosure, a 21 percent increase and one new foreclosure for every 746 households."

"Foreclosures jumped 30 percent in Nevada and 22 percent in Utah, and foreclosure rates in those states also ranked among five highest nationwide. California reported 7,674 properties entering some stage of foreclosure, a 27 percent increase and the third most new foreclosures reported by any state in December."

7 Comments:

At 11:18 AM, Blogger Ben Jones said...

This sure looks familiar.

 
At 11:34 AM, Blogger txchic57 said...

Stop it! I'm about to emit a primal scream :)

And "investors" WANT to come here?

 
At 2:25 PM, Blogger Lou Minatti said...

As I mentioned the other day, I expect my neighbor to become a statistic.

 
At 4:09 PM, Blogger SLO renter said...

California reported 7,674 properties entering some stage of foreclosure, a 27 percent increase and the third most new foreclosures reported by any state in December.


Finally! The number of CA foreclosures listed on foreclosure.com has been climbing steadily since May.

It has taken quite a while for foreclosures to increase enough here to avoid the usual positive spin in the reports. Acually, it has all happened quite quickly. I guess it just feels slow for something I have been monitoring most days.

 
At 4:26 PM, Blogger el scooter de heffe said...

C'mon baby! Roll them snake eyes!

These FCs end up on my desk as they end up in REO. Yes, it has been a lean few years; methinks the lean times are about over.

 
At 1:46 PM, Blogger A Kucharski said...

how do you "short" property

 
At 6:01 PM, Blogger txchic57 said...

You short property by saving your money, waiting it out, and then playing bigtime hardball with distressed sellers when the time comes.

Patience is the key. We're not even to the National Anthem yet, much less the first inning of this ballgame.

 

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