Foreclosure.com Data Reveals Texas Foreclosure Situation Makes Significant Strides

Analysis shows “The Lone Star State” had more than 10 percent fewer active distressed properties on record in the third quarter of 2012 when compared to the second

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"Texas remains among the most affected foreclosure states; however, it is currently second-best behind Michigan in terms of inventory reduction percentage."

Boca Raton, Florida (PRWEB) January 07, 2013

Foreclosure.com analyzed data that compared active Texas foreclosure totals from the second and third quarters of 2012, revealing that “The Lone Star State” had 10.28 percent fewer homes in some stage of default.

“There were approximately 3,700 less active foreclosures in Texas from July through September when compared to data collected between April to June 2012,” said Foreclosure.com Vice President James Houston. “Texas remains among the most affected foreclosure states; however, it is currently second-best behind Michigan in terms of inventory reduction percentage.”

Houston points to a mix of factors that have likely all contributed to the growing housing recovery in Texas, including short sales, economy improvements and investor interest. The foreclosure process in Texas is also a possible reason – the state keeps a tight rein on its inventory and has the ability to turnover delinquent homes faster.

Despite the desire to feel cautiously optimistic about Texas and other states nationwide, Houston is quick to point out that foreclosures are still occurring more frequently than what would be considered “normal” and/or “acceptable.”

And that’s especially the case in the state’s biggest cities where foreclosures, naturally, occur more frequently such as (in order of frequency) San Antonio, Houston, Dallas, Forth Worth and Austin.

Corpus Christi was the city that improved the most statewide, reducing its inventory by nearly 38 percent, while the amount of distressed homes in Edinburg, a United States-Mexico border town due south, increased nearly 19 percent.

Here are the most (and least) improved cities in Texas (Q2 vs. Q3 2012):

**Note: Only cities with a minimum of 100 active foreclosures in both quarters were analyzed**

Top 5 Cities
Corpus Christi     -37.69%
McKinney         -30.39%
Mansfield     -27.69%
Laredo     -27.08%
Manor     -26.15%

Worst 5 Cities
Edinburg     +19%
Amarillo     +16.34%
Desoto     +11.2%
Mission     +7.03%
Irving     +5.22%

Foreclosure.com has also posted a helpful Texas foreclosures InfoGraphic that illustrates the data above – and more – in chart form at http://www.foreclosure.com/articlecenter/category/foreclosure-infographics.

ATTENTION EDITORS AND PRODUCERS:

For more information on Texas foreclosures, including the rankings of specific cities based on percentage of Q2 vs. Q3 2012 improvement or otherwise, please contact Thomas Myers at (561) 988-9669 ext. 7381 or tmyers(at)foreclosure(dot)com.

About Foreclosure.com
With more than 2 million preforeclosure, short sale, foreclosure, Sheriff sale, foreclosure auction, bank repossessed (bankruptcy), HUD homes, foreclosed homes for rent to own and tax lien listings in one place, Foreclosure.com delivers America’s largest and most accurate searchable database of distressed real estate and investment property information. Based in Boca Raton, Fla., Foreclosure.com works directly with hundreds of top lending institutions and government agencies to list diverse property types on its website, as well as features listings from an extensive network of corporate sellers. As a result, high profile media outlets and prestigious non-profit industry groups alike have recognized the company as the number one rated distressed property listing resource available anywhere. Foreclosure.com offers much more than just real estate listings, connecting sellers, buyers and agents in one convenient location as a one-stop real estate marketplace.