Texas foreclosures take a 50 percent dive

TEXAS – A total of 4,914 foreclosures were filed in Texas in July 2013, marking a 50.7 percent decline from the number of foreclosures filed during July 2012, according to Irvine, Calif.-based RealtyTrac.

During July 2013, 3,498 homes entered the foreclosure process — a 39 percent decline from the number recorded in July 2012.

Meanwhile, a total of 1,416 foreclosures were completed in July 2013 — a 66.6 percent drop from the number of completions last July.

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

Nationally, a total of 130,888 foreclosure notices were filed in July 2013, representing a 31.8 percent decline from the number of filings recorded in July 2012.