Dallas Area Foreclosures Reach Unprecedented Levels

Jumping over 30 percent in the latest month’s postings, Dallas-Fort Worth foreclosures are at an unprecedented annual level despite a year-on-year decrease in the closing quarter of 2010. …

Jumping over 30 percent in the latest month’s postings, Dallas-Fort Worth foreclosures are at an unprecedented annual level despite a year-on-year decrease in the closing quarter of 2010. Compared to a decade ago, D-FW foreclosures have grown by nearly four-fold. See the following article from HousingWire for more on this.

Dallas-Fort Worth foreclosure postings reached nearly 64,000 for 2010, a new annual record high, according to Foreclosure Listing Service.

The year-end data is available because the filing deadline for the last auction on the Dec. 7 has passed.

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“For the second year in a row, residential foreclosure postings continued to climb with almost 64,000 D-FW homes threatened by foreclosure this year,” said George Roddy Sr., president of Foreclosure Listing Service.

For the year, 63,835 residential properties received a foreclosure auction posting, up about 4% from 2009 when 61,676 properties were posted. Annual foreclosures have risen 384% over the past 10 years, according to FLS. In 2000, 13,185 homes in the area were posted for a foreclosure auction sale.

For the month of December, 6,081 homes were posted for foreclosure sale, up 31% from November. For the fourth quarter, postings were down 6% compared to the year-ago quarter.

Not all properties posted for a foreclosure sale are ultimately sold at auction, as some may come under review for a loan modification, or if the homeowner pays the delinquent amounts or files for bankruptcy it would be removed from the auction, for example.

This article has been republished from HousingWire. You can also view this article at
HousingWire, a mortgage and real estate news site.

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