State of Texas Witnesses 16 Percent Decrease In Foreclosure Activity

Texas, the oil rich state has been witness to an unprecedented rise in foreclosed homes in the past few years. However, there is reason to rejoice for the Texan real estate market as May 2007 stats reported 9,653 foreclosures, down 16% from the month of April and 33% lower than the same month last year.

Total number of Texas foreclosures upped the state’s ranking to #4 on the highest foreclosures by state list, behind only California, Florida, and Ohio States. Texas reported one foreclosure being filed for every 834 homes and still managed to stay below the national foreclosure average! Nationwide foreclosure filings reached a staggering 176,137 in May 2007 alone, an increase by 90% from the same time last year and a 19% hike from April 2007. With one foreclosure being reported for every 656 home across America, the panic button has long been buzzing!

Counties in Texas such as the Dallas metropolitan area – an eight county region – accounted for 3,612 homes in foreclosure in May. The lowering of the Dallas metropolitan’s foreclosure rate helped shave off 3% from the previous month’s rate as well as pushed the city out of the top-five list for metropolitan areas with the highest foreclosure rate in the country. Reporting a foreclosure filing per 369 houses, almost twice more than the national average, Dallas found itself in news for having foreclosure rates higher than New York, Philadelphia, and Chicago, though below Los Angeles.

It must be noted that despite the fact that the foreclosure rate in Dallas, Texas is rather high, according to recent reports, the downward trend in the foreclosure activity for Dallas is in contrast to the national and major metropolitan trends.