Texas Ranks Low on U.S. Foreclosure Rates

Texas Ranks Low on U.S. Foreclosure Rates
Texas fared better than most in a ranking of U.S. foreclosure rates, according to new research from RealtyTrac Inc.

Though 4 percent more foreclosed in 2009, the Texas came in 29th among U.S. states. Slightly more than 1 percent of homes foreclosed, or about 100,045. The rate equates to about one in 94 houses.

Nevada ranked highest on the list with a 10.17 percent foreclosure rate, followed by Arizona, where one in 16 homes were affected. Florida was No. 3 at 5.93 percent and California came in No. 4 at 4.75 percent.

In terms of total filings, California was No. 1, with nearly 633,000 properties receiving foreclosure notices in 2009. Florida posted the nation’s second-highest total, followed by Arizona and Illinois.

Texas' 2009 foreclosure rate was 18.44 percent higher than 2007.

Nationwide in 2009, 3.9 million filings went out on 2.8 million properties, or 2.21 percent of the housing supply. That’s a 21 percent jump in the number of properties compared with 2008, according to the report.

RealtyTrac CEO James Saccacio speculated that the 2009 numbers, across the board, would have been worse had it not been for “legislative and industry-related delays in processing delinquent loans,” including mortgage modification programs and state statutes extending the foreclosure process

Source: Austin Business Journal : Thursday, January 14, 2010, 2:34pm CST