Texas foreclosures numbers remain among the highest in U.S.

Texas is one of the largest states for completed foreclosures, according to a new report from CoreLogic.

Once again, the Lone Star State has made it into the top five.

Over the 12 months ended March 2013, Texas had 53,359 completed foreclosures, according to Irvine, Calif.-based CoreLogic.

A completed foreclosure occurs when a property is sold at auction to either a third party or to the lender holding the mortgage.

It?s a familiar scenario for Texas. CoreLogic?s February report also had Texas listed among the top five states with the highest number of completed foreclosures.

Three states completed more foreclosures than Texas over the past 12 months ? Florida with 102,847 foreclosures; California with 83,310 foreclosures; and Michigan with 70,315 foreclosures. These are the same three states that were ranked above Texas in February as well.

As was the case in February, Georgia was once again the one state with less completed foreclosures than Texas ? with a total of 48,199 completed foreclosures in March, CoreLogic reports.

Of the five states with the highest number of completed foreclosures, only Florida follows the judicial foreclosure process. In such states, lenders have to provide evidence to the courts before it can issue notices of default, and thus begin the foreclosure process.

In non-judicial states like Texas, lenders can issue notices of default directly to borrowers.

On the national front, a total of 55,000 foreclosures were completed during the month of March ? marking a 16-percent decline from the 66,000 foreclosures completed in March 2012, CoreLogic reports.

It?s a start, but the market still has a ways to go. Between the years 2000 to 2006, the country was averaging 21,000 completed foreclosures a month.

Tricia Lynn Silva covers real estate, retail, construction, and law firms; she also plans and edits some special reports.

Source: http://feeds.bizjournals.com/~r/bizj_sanantonio/~3/XZHsn9USD8A/texas-foreclosures-numbers-remain.html

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