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January 18, 2008

Dallas-Fort Worth home foreclosure filings jump 31%

Dallas Foreclosure & Real Estate News

Article Abstract:  Foreclosures in Northern Texas haven’t seemed to fair as well as foreclosures in Central Texas for that matter.  While much of the state has seen average foreclosure rates Dallas foreclosure rates have been skyrocketing.  Just last month Dallas saw an increase in foreclosures by 30 percent from the same period one year ago.  On a positive note, the article mentions how many lenders and firms are delaying auctions in hopes that the homeowners can avert the possible foreclosure.  Foreclosure auctions are held in Dallas on the first Tuesday of every month.  For the full Dallas foreclosure article please continue reading:
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By STEVE BROWN / The Dallas Morning News

The number of homes facing foreclosure in the Dallas-Fort Worth area has jumped by more than 30 percent.

The big rise in the number of homes scheduled for foreclosure in February follows a moderation in postings in recent months.

More than 5,300 homes in the four-county area are set to be sold at next month's foreclosure auctions, Addison-based Foreclosure Listing Service said Thursday. That's a 31 percent increase in foreclosures from the same month in 2007.

The biggest increase was in Denton County, where postings were up 50 percent.

Dallas County had the smallest increase: 22 percent.

February's foreclosure total for D-FW was the highest ever for the month.

And Dallas, Collin and Denton counties all set records for the largest number of postings in any month, according to Foreclosure Listing Service.

One reason for the substantial increase in February postings may be that the January auction fell on New Year's Day, said George Roddy, president of Foreclosure Listing Service.

"I'm not convinced this isn't an anomaly," Mr. Roddy said. "About 10 to 15 percent of the postings scheduled for January were pushed off to February."

By law, lenders in Texas are allowed to take properties through foreclosure only on the first Tuesday of each month.

Also, some mortgage firms may have decided to step up their efforts to foreclose on problem home loans.

"It may be that some of these lenders are saying let's get the bad news out and move on," Mr. Roddy said. "The March postings will tell us more. One month does not make a trend."

Between 50 percent and 60 percent of the monthly foreclosure postings result in an actual forced sale of the property. In some cases, the sales are delayed, or the borrower reaches a new agreement regarding the debt.

Almost 43,000 Dallas-Fort Worth area homes were posted for foreclosure in 2007 – an increase of 10 percent for the year.

Home foreclosure rates in the area have been some of the largest in the country in recent years due in large part to lax lending standards, analysts say. Many homeowners who took adjustable-rate loans a year or two ago couldn't afford the monthly payments when the interest rates rise.

And, despite lots of publicity, government and mortgage industry relief plans have so far not had much impact.



Article Source http://www.dallasnews.com/sharedcontent/dws/bus/stories/011808dnbusforeclosure.2fab4004.html

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