Statistics on commercial and residential foreclosures for the third quarter of 2010 in some areas of Texas produced a mix of both positive and negative developments. In Collin County, the third quarter marks a one percent decline in foreclosure totals, including Freddie Mac Foreclosures.
However, the county also recorded a 15% increase in the number of foreclosure properties for sale for the auction month of September. According to Fort Worth-based Foreclosure Listing Service, 2,120 houses and business properties in Collin are under foreclosure during the July to September 2010 period.
When one looks only at the month of September, 781 residential properties are under foreclosure. Despite the increase in the September total, the whole third quarter figure for Collin County is still considered better than other areas of the state, with some counties and cities accounting for a big part of the total number of foreclosed homes in Texas for the third quarter.
The total number of foreclosed homes in Tarrant, TX for the 2010 third quarter represents only a 2% rise when compared with the same quarter of 2009. Tarrant fared better than areas like Dallas County and Denton. The former recorded a 3% rise in foreclosure numbers for the quarter, while Denton County posted a 13% increase for a total of 1,972 dwellings under foreclosure for the third quarter.
Although foreclosed commercial and residential properties, including Freddie Mac Foreclosures, rose in Collin County by 15% for the lone month of September, this is still lower than Dallas and Denton.
For September, foreclosure rates in Tarrant County posted the same increase as Collin, but Dallas County recorded a 19% rise, while Denton County posted a 23% jump in terms of the number of foreclosed properties up for sale in the September auction month.
According to local real estate market analysts, the more important figures are those posted on the month-to-month basis. Seeing September foreclosure figures recording increases of over 10% in most cities of Texas led most analysts to claim that the state is definitely not out of the housing crisis yet. They further added that the total number of commercial, bank and Freddie Mac Foreclosures for September 2010 represent an 18% increase when compared with September 2009.
John Cutts has been educated in the finer points of the foreclosure market over 5 years.
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