Real estate brokers are set to handle less number of foreclosed properties in the coming month of March if the number of foreclosures posted for auction is to be used as gauge. In Denver-Fort Worth, Texas, foreclosed properties posted for the March 2011 auction has declined compared with the same 2010 month.
Fort Worth foreclosure homes up for auction in the third month of the year declined by 9% compared with March 2010. The decline follows a 19% increase recorded in February of this year. A total of 5,071 houses in the Dallas-Fort Worth region are scheduled to be sold at auction next month, according to data released by the Addison firm, Foreclosure Listing Service.
Filings for Texas foreclosure listings declined in most counties and cities of the state for the coming third month, with the counties of Denton and Dallas both recording a 10% decrease compared with the same 2010 period. Adding the March filings and auction figures to the data gathered for the first two months of 2011, the full first quarter total reaches over 16,000 in the region, almost the same as the total posted in the 2010 first quarter.
Real estate brokers reported that the number could become lower as not all the properties scheduled for an auction sale are actually sold. Some of them will be delayed or canceled altogether if borrowers and homeowners reach an agreement to forego foreclosure. Normally, only one third of houses offered at foreclosure auctions are sold.
According to housing market analysts, postings for complete foreclosures in Dallas-Fort Worth have reached beyond the 4,000 mark each month for the past 30 months in a row. Last year, foreclosure filings were filed against 63,835 residential properties in the region, representing a 4% increase from 2009 levels. For the March auction, the highest number of foreclosed properties up for sale in the Dallas-Fort Worth region was posted in Dallas County, with the area having a total of 2,100.
Real estate brokers have stated that the number of foreclosures will likely rise again this year as the number of borrowers who are delinquent in their mortgage payments has increased in the past few months. However, the region of Dallas-Fort Worth is expected to have a better housing market than most U.S. regions.
John Cutts has been educated in the finer points of the foreclosure market over 5 years.
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