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Fort Worth Home Foreclosures Rose as Job Losses Resurged

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By : John Cutts    99 or more times read
Fort Worth home foreclosures rose in the first quarter this year as the unemployment rate in the area sprang up again after falling in November last year.

More than 16,000 households in the Fort Worth metro area, which covers the counties of Dallas, Tarrant, Collin and Denton, were hit with default and foreclosure notices in the first quarter, up by 22 percent from foreclosure filings in the first quarter of 2009, but down by four percent from total filings in the final quarter of 2009.

For the March foreclosure auctions, the metro area listed more than 5,500 distressed homes, marking a 30-percent jump from the listing for the March 2009 public auctions.

Despite the increase in foreclosure postings, not all properties in the listings move on to the scheduled foreclosure home sales. Many homeowners are able to negotiate with their lenders for more time to pay their arrears and many others are helped by housing counselors in working out affordable repayment schemes under the Home Affordable Modification Program.

In Tarrant County, where Fort Worth is the county seat, foreclosure filings for the March auctions climbed up by 37 percent, much more than the increases that occurred in Dallas, Denton and Collin.

Fort Worth home foreclosures resurged largely because of a resurgence in job losses in December 2009. The unemployment rate in the area rose to 8 percent in December, after falling to 7.9 percent in November from the 8.3 percent rate that held steady from July to October in the area.

For the entire 10-month period from January to October last year, the jobless rate in the Fort Worth metro area was higher than or at the same level with the statewide rate. In November, it fell by 0.4 percentage points, but resurged in December by 0.1 percentage point. The December jobless rate, however, was still lower than the statewide rate of 8.3 percent and the nationwide rate of 10 percent in December.

Fort Worth is the fifth-biggest city in Texas and the second-biggest in the Dallas-Fort Worth metro area. Located in North Texas, it covers almost 300 square miles in the counties of Tarrant, Denton, Parker and Wise.

In contrast to the increased pace of Fort Worth home foreclosures in the first quarter this year, the pace of home foreclosures in Texas slowed in January by nearly 12 percent from the previous month. Over 12,000 households across Texas were hit with default or foreclosure notices in January.
John Cutts has been educated in the finer points of the foreclosure market over 5 years.

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