Texas foreclosure filings trend downward
The latest report issued by RealtyTrac highlights, that foreclosure filings are significantly down in the state of Texas. At the end of November, when the monthly research period ended, Texas recorded a total number of 10,124 foreclosure notices, filed in the month of November, which is a 2.8% increase compared to October numbers.
On the other hand the same report highlights a very positive news that shows the state’s housing market is on the right track: foreclosure filings have dropped a significant 24.3% on a year-over-year basis.
Compared to the national foreclosure crisis picture the state of Texas shines. The total number of foreclosure filings has reached 224,394 nationwide and this was happening only in the month of November, which means a 3% increase on a month-over-month basis. However, the same number compared to a year ago results a 14% decrease, which is also a positive sign an this is happening nationwide.
James Saccacio, RealtyTrac’s co-founder warns though, the this might just be an illusion of well being. He said, last month’s foreclosure numbers warn that a new wave of foreclosure wave is coming, which may hit the housing as REOs or even short sale.
Another sign that rises the red flag is the upward trend of foreclosure filings recorded in November around the country: foreclosure filings reached a nine month high, and the number of foreclosure auctions were also up. Saccacio underscored that those auctions re the result of the new foreclosure processes started a few months ago, and now they are at the final step of foreclosure.
Where do you get your information from. Just in Harris County, TX alone, 922 foreclosures are scheduled not including other counties. Take a look at all of the homes on the Harris County Appraisal District that belong to Bank of New York, Bank of America and MERS. Can’t downplay this situation. The 922 I found are through Bank of America and Recontrust. I am sure the worst of this hasn’t hit yet. Just wait it is coming. I went to the Harris County Clerk’s Office and my Deed of Trust does not even make sense anymore. Purchased a home in Harris County TX from Lennar Homes. Lender America’s Wholesale Lender, Trustee – CTC Real Estate, MERS nominee and beneficiary to D/T. 9 Days after I closed on the home it was sold on Wall Street under CWABS 2007-2. Bank of New York as Trustee. Now Recontrust who is foreclosing on the property says 1st Mortgagee is MERS, Current Mortgagee is Bank of New York. Oh it gets even better. I have a sub-prime mortgage 80/20 loan. Bank of New York owns one, Bank of America claims to own the other so after Bank of New York closes on the Mortgge then Bank of America will come back and try to foreclose again. None of the assignments have even been made to the Deed of Trust in Harris County. This is what we all have to look forward to while the banks steal this homes without the proper paperwork or assignments to the deed of trust.
The data is from RealtyTrac. We fully agree with you about the errors in the paper trails. That is the reason why our slogan is “Defense by Following the Law”