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RISMedia reports that Texas is #3 among the top states in home foreclosure rates in July. It sticks out among states that have had significant speculator investors (Nevada, Colorado and were #1 and #2) and those whose economies are characterized by Perot’s sucking sound (Michigan, Illinois, Indiana and Ohio are all among the top ten in number of new foreclosures).
The data is from RealtyTrac (TM) (www.realtytrac.com), “the leading online marketplace for foreclosure properties”. James J. Saccacio, chief executive officer of RealtyTrac, is quoted as saying that
“[w]hile foreclosure activity continues to remain slightly below historical averages, there appears to be the possibility for a significant amount of upward pressure on foreclosure rates in the next few months.”
He cites the usual suspects of (1) ARMs about to re-set for many, and (2) the “cooling” real estate market nationally. But I found it interesting that foreclosure activity continues to remain slightly below historical averages.
But who is messing with Texas? Texas has been reported as one of the “bright spots” in the national real estate scene – one of the few states expreieincing more robust price growth. Must be is the yin to the yang of Texas foreclosures.
© Sandy Mattingly 2006
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