Dallas Foreclosures Put Metro Area on Top of Rate Chart- By: John Cutts
The record pace of Dallas foreclosures put the metro area on top of the foreclosure rate chart in Texas in the first quarter, based on foreclosure numbers from a real estate firm.
The Dallas-Fort Worth metropolitan area posted the highest rate of foreclosure in Texas in the first quarter of this year, which was one foreclosure posting for every 176 homes in the area. A total of 13,637 default notices and foreclosure actions were filed in the area during the quarter. Compared to other large metro areas in all other states, the Dallas area ranked 84th.
The metro area with the second highest rate in Texas was the Houston-Baytown-Sugar Land metro area. With one foreclosure posting for every 199 homes or a total of 11,223 postings, the metro area was 96th in the country.
Third in the state rate chart and 109th in the country was San Antonio, which posted one foreclosure filing for every 216 housing units or a total of 3,569 filings.
Following San Antonio was the Austin-Round Rock area which posted one foreclosure for every 226 units or 2,908 filings. The area ranked fourth in the state and ranked 116th in the country.
In stark contrast to the rate of Dallas foreclosures, the area with the lowest distress rate was Bryan-College Station, with only 57 filings and a measly one per 1,555 foreclosure rate.
Despite the surge in bank owned home foreclosures in the Dallas area, home prices in the Dallas and Houston areas posted the highest increases in median sales price among Southern cities tracked by a research firm.
The sales price median in the Dallas-Fort Worth area jumped up by almost 6 percent to $148,000 and the median in the Houston area climbed up to $153,000, a four-percent increase.
Despite the price increases, total home sales climbed up in the Dallas area by 6 percent and jumped up in the Houston area by 4 percent. The increases in both prices and sales in these two Texas metro areas indicate their economic strength and their capabilities in withstanding the effects of the housing downturn.
In charts of housing foreclosures by state, Texas has been occupying the middle of the charts, ranking 27th in January, 26th in February and 29th in 2009, another indication of the strength of Texas amid the recession.
Similarly, Dallas foreclosures are being ably contained by the city, as foreclosure activity has not been able to dampen home price increases and development projects.
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John Cutts has been educated in the finer points of the foreclosure market over 5 years.