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Commercial Property and Condo Foreclosures Jumped in Fort Worth

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By : John Cutts    99 or more times read
Commercial foreclosures, including condo foreclosures, increased in Dallas-Fort Worth, TX, in 2010 compared with 2009 figures. Some investors have shown interest in purchasing most of the REO and foreclosed commercial structures in the region and a lot more are reportedly waiting on the sidelines for further price decreases.

Bank owned homes for sale in Fort Worth took a back seat last year as the commercial property market recorded a higher jump in terms of commercial real estate foreclosures. In Dallas-Fort Worth, foreclosed commercial property numbers increased by 39% compared with 2009. The number of filings totaled 3,357 last year, up from the 2009 total of 2,424. Out of these foreclosures, three out of four were REO or repossessed properties.

According to realtors, there are a lot of investors who want to buy bank owned properties in Texas, but most of them are still keeping to the sidelines to see whether prices would drop further. They also stated that majority of interested buyers are going for REOs or those properties that failed to sell at foreclosure auctions and were returned to lenders. The growing interest is giving hope to local lenders, particularly now that the number of REO properties in their books has surged compared with the past four years.

Condo foreclosures and commercial REOs in Texas increased to an estimated worth of $1.84 billion as of the end of September 2010. The increase was huge, considering that, at the end of 2007, the worth was a mere $372 million.

Majority of lenders are hoping to sell off a big part of these REOs this year as most investors seemed to have realized that the prices of distressed commercial properties will not dip any lower than they already are, unlike bank owned homes for sale, which are predicted to hit a record low this year in terms of sales prices.

According to some investors, they were able to purchase condo foreclosures and other multifamily properties in Texas for very good prices since last year. They stated that the state's commercial real estate market has a lot to offer and buyers should take advantage of the affordable properties being sold by lenders this year.
John Cutts has been educated in the finer points of the foreclosure market over 5 years.

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