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Defaulting and Re-Defaulting is leading to more Dallas foreclosures

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By : Iwona Filetti    99 or more times read
Dallas foreclosures experienced many re-postings. Re-Postings on foreclosed properties mean that same property is put up for foreclosures again after six months. The reason could be, the property did not get sold or the owner availed of other re-payment options but again defaulted on the mortgage.

Numbers of Dallas foreclosures have plummeted but the drop in prices of the houses were trivial. Dallas foreclosures jumped down by 10 to 12 percent. Compared to 2008, where around 17,000 houses were finally sold. In December 2009 the total did not exceed 14,000 homes. Even the prices showed a decrease of about percent or so. This can be considered inconsequential or trifling.

This year Dallas foreclosures also increased in the high end societies. Foreclosed houses in some counties increased about 250 to 300 percent. Foreclosures rose by 15 to 24 percent in comparison to last year. All the above circumstances and statistics are attributed to people defaulting and again defaulting on their mortgages. Total figures of foreclosure re-posting increased by 80 percent in the whole of Texas and in Dallas particularly the re-posting numbers amounted to approximately 40 to 45 percent. This included all four county areas of Dallas.

The reasons cited by the analysts for surging number of re-posting are lack of demand for the properties. People also want to wait for changes to be made to the loan modification procedures by the state and federal institutions. But this eventually led to more number of defaults. The default rate is almost about 9 percent among which at least 2.5 percent properties were already under foreclosure. Hence, many properties were already in default since few months, this directed to the re-posting of properties again and again on the same list and this added to number of Dallas foreclosures that were actually filled.

Another side to the increasing number of foreclosures is that commercial property foreclosure in Dallas has also been mounting as well the re-posting of properties has played major role. Many shopping centers, offices and lands were posted for foreclosure, as the demand is less, there are no takers and the economic downturn affecting the business, has lead to unemployment, default payments and ultimately closure of the businesses. In December 2009 there were around 2000 commercial properties that filled for foreclosure and among them 10 percent of properties were re-posting of an earlier foreclosed property.
Iwona Filetti is a writer with an eye for detail. She writes on several niche after a thorough research and understanding, her motto is to give beneficial information so all sections of society benefit from her writing. For more details please visit Dallas Foreclosures.

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