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Slowdown in Dallas-Fort Worth Foreclosed Homes Auctions



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By : John Cutts    99 or more times read
The number of foreclosed properties sold off through foreclosed homes auctions in the Dallas-Fort Worth area declined in the first week of August, according to court real estate data in the area.

For the first time in 5 months, foreclosure actions involving residential properties dropped below 5,000 units in August, dropping to 4,796 units, a substantial decrease of 21 percent from the 6,072 foreclosure actions filed in July.

The July filings marked the highest monthly number reached in the Dallas-Fort Worth area.

Housing analysts in the area said that the August decline is a positive development, but the level of foreclosures is still high. The August filings were still higher by 5 percent than filings in August 2008.

Since January this year, almost 40,000 homeowners in the Dallas-Fort Worth area have already been notified that they are in default or in foreclosure, prompting analysts to predict that the year 2009 would see more foreclosure postings than the late 1980s had seen.

The number of postings for the first 8 foreclosure auctions in 2009 showed an increase of 18 percent from the first 8 auctions in 2008.

In Tarrant County, where Fort Worth is located, the pace of home foreclosures slowed down to its lowest level in August. Based on county foreclosure data, only 1,545 default or foreclosure notices were filed, marking a 23-percent decline from the 2,015 foreclosure cases filed in July. The August filings however were higher by 8 percent than total filings in August 2008.

Tarrant County is the second most populated county in the Dallas-Fort Worth Metroplex, containing the second and third biggest cities in the metroplex area.

For each month in the past 11 months, the number of foreclosure filings in Tarrant County surpassed 1,300 filings.

In a study of nationwide foreclosures in the first 6 months of 2009, the metro area comprising Dallas, Fort Worth and Arlington had more than 18,000 default or foreclosure filings, with 0.76 percent of all housing units in the area in a stage of foreclosure.

With one housing unit out of every 131 units hit with a default or foreclosure filing, the metro area ranked 96th in a chart of 203 metro areas with the highest foreclosure rates in the first half of 2009.

In the same study, Texas was 29th in a ranking of state foreclosure rates, with one housing unit out of 192 units receiving a default of foreclosure filing in the first half of this year.
John Cutts has been educated in the finer points of the foreclosure market over 5 years.

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