Housing market data for November 2010 in the Dallas-Fort Worth area of Texas showed a 16% decline in the total number of foreclosure filings compared with November 2009. However, market analysts report that the decline is not due to the temporary hold imposed on foreclosed property sales and foreclosure short sales.
A week ago, Texas Attorney General Greg Abbott has requested 30 mortgage companies operating in the state to freeze foreclosures and to stop the sale of these properties in Dallas foreclosure auction and through other channels in the rest of the state. The request was prompted by news that mortgage firms are rushing the processing of foreclosures, resulting in the use of faulty documents.
When compared with October 2010, the number of properties up for Texas foreclosure auction for November represents an 8% decline, according to data released by Foreclosure Listing Service (FLS). According to analysts from FLS, with the decline being only 8%, it will be hard to attribute it to the state AG's demand for a suspension on foreclosures.
They further added that the housing industry will have to wait for the December housing data to see if the moratorium has any impact on the rate of foreclosure filings in the state. Traditionally, around 25% to 40% of dwellings foreclosed for each month in Texas are actually sold for debt repayment. For the remaining cases, the homeowner usually comes up with an alternative agreement, like foreclosure short sales, or the bank decides to wait awhile before the sale.
A total of 4,647 houses are up for real estate auctions for November in the Dallas-Fort Worth region. The number represents the lowest month-end total for over a year now. Foreclosure filings in the region showed declines for five of the recent six months compared with year ago statistics. For November, the largest drop was recorded in Dallas County, with the area showing a filing decline of 18% compared with November 2009. Colin County also recorded a significant drop at 17%.
So far, the region has recorded a total of 58,000 foreclosures for 2010, representing a 2% rise compared with 2009. With foreclosure short sales being put on hold, analysts are expecting December 2010 numbers to be lower than previous year's.
John Cutts has been educated in the finer points of the foreclosure market over 5 years.
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