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Sheriff Sales, Commercial Foreclosures Escalate in Fort Worth

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By : John Cutts    99 or more times read
Sheriff Sales are starting to become quite common in the Dallas-Fort Worth, Texas area. But the big story lies in commercial property foreclosures for the auction month of April 2010. According to the latest statistics, foreclosure filings for commercial properties reached the $1 billion mark for the auction month of April.

This could be a development worthy of the interest of people and businesses involved in Fort Worth foreclosure investing. The total worth of commercial structures that will be available for foreclosure auction in April is said to be higher than the combined total of recent months’ foreclosures, market analysts have reported.

More than 300 commercial properties from the Forth Worth-Dallas area will be auctioned in April. This is considered a big jump compared with the last few months when foreclosure auctions in Texas average by around 250.

Some of the most notable commercial structures that will be auctioned include the Element Hotel in Irving and the Firewheel Distribution Center in Garland. The owners of Element Hotel and Firewheel are said to be nursing over $13 million of debts for each property.

Other big property names that will be available for foreclosure auctions in Texas are the Star Creek development in Allen and the biggest of all listed properties, the Four Seasons Resort and Club at Las Colinas. The Four Seasons is said to be sitting on a $183 million debt, while the Star Creek project is facing a $15 million debt.

Although Four Seasons owner BentleyForbes is able to reach a standstill agreement with its lenders and a better deal is being expected in the future, the property was still posted for foreclosure while both parties are still continuing negotiations.

Despite the fact that there are still a lot of available properties for people who search foreclosed homes for sale, the amount of commercial foreclosures in the Dallas-Forth Worth area has somewhat overshadowed the residential property foreclosure market.

As the number of distressed homes for sale, Sheriff Sales and other residential property foreclosures in Texas continue to rise, local real estate market observers’ attention is caught by the huge amount of office buildings and commercial development projects that would be available for auction in April.

According to a report presented by First American CoreLogic, the Dallas-Forth Worth area leads the whole country in terms of mortgage maturities for commercial properties in February of the current year. The research firm has revealed that over $4 billion of the total $20 billion of property loans for the commercial real estate market of the U.S. are accounted for by the Dallas-Fort Worth area.

Another Texas city, Houston, comes in at second place, with close to $3 billion worth of commercial mortgages that matured in February. According to real estate market analysts, these big numbers are due to the difficulties faced by borrowers in convincing lenders to refinance or extend their commercial loans.

Although Sheriff Sales and other residential foreclosure auctions are still posting high numbers, commercial property foreclosures have stolen the headlines in Texas, primarily because of their big worth in terms of dollars.
John Cutts has been educated in the finer points of the foreclosure market over 5 years.

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