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No Respite Yet in Dallas, Texas

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By : Cassiano Travareli    99 or more times read
New statistics are showing that there has been a 7 increase in foreclosures compared with last year in the Dallas-Fort Worth area. However, in excess of 3,700 homes are set to go through foreclosure sales later in September according to a recently published report.

Collin County has seen the highest rise, having witnessed an increase of 38 in comparison to last year’s numbers when it comes to be forced sales. In Tarrant and Dallas Counties, total foreclosures remained unchanged. The period that is to end with foreclosure-auctions in September is to be the second continuous quarter to see a decline in the total number of postings for the area.

This year has seen 37,572 homes that have posted for foreclosure; this is an increase of 20 when in comparison to the first three quarters of 2007. Around 50 to 60 of the properties that are part of foreclosure postings end up in a forced sale. Some of these cases see the borrower reaching new agreements with regards to the debt.

In the Dallas-Fort worth area, signs of foreclosures are appearing in front of a large number of houses. This does offer a good sign to prospective buyers searching for good deals, but it is also adversely affecting values of homes generally.

Basically, when homes in foreclosure sell at discounted prices, prices of properties nearby are also affected. It is therefore not surprising that the large numbers of foreclosures of homes in North Texas are having an effect on the entire housing sector of the area. The Dallas-Fort Worth area’s foreclosure volume is almost as high as anywhere else in the country.

More than eighteen thousand homes were foreclosed upon by lenders in the Dallas-Fort Worth according to a report released by an individual source. The same period saw around 38,000 single family houses being listed for sale with multiple listing services. At the given moment, approximately 6 of the listings with MLS’s in North Texas are known to be former foreclosures. Neither of these numbers includes all repossessed homes. Dallas foreclosure homes need some help, and need it fast.
Cassiano Travareli has been educated in the finer points of the foreclosures market over 5 years.

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