Foreclosures of million dollar luxury homes in the Dallas area had the highest rate of increase over the past year. The second highest rate of increase was for homes that are less than $100,000, while foreclosures of mid-priced homes actually declined. See the following article from HousingWire for more on this.
Affordable housing valued at $200,000 or less accounted for 80% of the foreclosure auction postings in Dallas-Fort Worth so far this year, but luxury homes also saw one of the biggest percentage gain in postings over the past year, according to a new housing study.
Foreclosure Listing Service, based in a Dallas suburb, analyzed residential foreclosure posting activity by home value in a 19-county area that included the DFW metro area.
“The average Joe is still the one feeling most of the pains of this foreclosure crisis,” said George Roddy Sr., president of Foreclosure Listing Service. “The largest gains in residential foreclosure posting activity were found at opposite ends of the Texas housing market among entry-level homes and ultra-luxury homes,” he adds.
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Over the last year, foreclosure postings on luxury homes valued at more than $1 million increased 27%, but the postings of this home segment comprised less than 1% of all of the residential postings within the study area. Year-to-date luxury home postings climbed to 513 notices compared to 403 postings during the same 10-month period a year ago, according to FLS.
“Over the last year, the second highest increase in postings by home value within the study area was found among entry-level or starter homes valued under $100,000 with a 16% gain in foreclosure notices.” So far in 2010, 25,429 postings have been filed on entry-level homes compared to 21,856 last year.
“Entry level homes comprised a 29% share of the total postings filed on residential homes so far this year in the study area.”
Year-to-date postings of homes valued from $200,000 up to $299,999 were up 6%, and notices filed on homes valued from $100,000 up to $199,999 inched up 2%.
Two segments saw decreases in foreclosure auction postings. Postings on homes valued from $500,000 up to $999,999 decreased 4%, and homes valued from $300,000 to $499,999 inched down 1% from a year ago.
The study covers foreclosure auction postings from January-October and compares them to the same period a year ago.
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