Real Estate Pro Articles

November Listings of Bank Foreclosures Up in North Texas

[Valid RSS feed]  Category Rss Feed -
By : John Cutts    99 or more times read
Listings of bank foreclosures for November in North Texas soared by almost 35 percent from the same period a year ago. And the persistent unemployment problem is still the major factor that is driving foreclosure numbers to the roof, according to economic experts.

They said that traditionally, people become at risk of foreclosure as soon as they missed three months of mortgage payment. But in practice, placing a distressed property on foreclosure listings may take a little longer.

September data showed that unemployment rates in Texas were not far behind from listings of bank foreclosures for November. Local unemployment for the month remained at 7.7 percent for Denton County and about 6.5 percent for Denton city. On the other hand, the number of foreclosure homes for November listings jumped by 35 percent compared with figures for the same period a year ago.

The good news is, the 600 listings were lower than the county's all-time record high of 710 the previous month. Industry experts are finding some hope on the numbers that they claimed, are not getting worse and may lead to foreclosures bottoming out in the region.

However, a cloud is hanging over the economic recovery. Industry experts said that it is to be expected that labor rates are the last to recover. And until they do, residents in Texas will continue to be at risk of losing their homes to foreclosures.

Data from the Texas Workforce Commission showed that the state posted 44,000 job losses in September. Experts said that a typical scenario when homeowners lost their jobs is they used up all their savings and find ways to cut down on expenses, including missing on mortgage payments. This increases the possibility of homeowners losing their houses to foreclosures.

Area economists have been skeptical whether there are enough high-paying jobs in Texas to support the large number of luxury houses being built, particularly in the suburban areas. Generally, a monthly loan payment should be a third of a family's income.

Since the foreclosure problem came into the forefront, efforts have been made to modify loans to make them affordable. However, a great number are still at risk of losing their homes to foreclosures. So far, 56,423 homes in Collin, Dallas, Fenton and Tarrant counties are on listings of bank foreclosures.

Related Articles

Print This Article
Add To Favorites




© All rights reserved to Real Estate Pro Articles