Record High Repo Homes Listings in Dallas-Fort Worth
Over 6,000 properties in Dallas-Fort Worth Metroplex in Texas were added on foreclosure properties listings scheduled for auctions in July. The figures were 62 percent higher than the same month last year.
For the few months of this year, over 35,000 residential foreclosures were reported, representing a 20 percent increase from the first seven months of the previous year. According to records, the 6,072 foreclosures included on repo homes listings scheduled for July auctions have exceeded the May filings of 5,500.
For 10 consecutive months, home foreclosure filings surpassed 4,000 units every month in the Dallas-Fort Worth Metroplex. And in the last four months, foreclosure postings exceeded 5,000 per month. The July figures are the first time that repo homes listings added over 6,000 properties for auctions.
Real estate specialists said that July foreclosures for auctions may have surpassed the number of postings in 1988 or 1989 which reached 2,000 per month.
Meanwhile, about 2,579 homeowners in Dallas County are facing the possibility of losing their homes to foreclosures, an increase of 56 percent from the previous year.
An even more significant increase occurred in Tarrant County where foreclosure postings surged by 66 percent compared with figures recorded a year ago. The increase represented 2,015 properties scheduled for auctions in July.
In Collin County, foreclosure postings were up 67 percent while 68 percent of homes in Denton County are up for grabs among bidders in July.
According to industry experts, various programs designed by the government and mortgage companies to help distressed homeowners may be a cause on the rise in foreclosure postings. They explained that while lending institutions are negotiating with homeowners, they usually re-post each distressed property every month while foreclosure actions are pending.
They noted that many lenders are delaying actual foreclosures to give more time for loans lined up for modification to be processed. As the number of delinquent mortgages continues to inch up, it follows that lenders would be overwhelmed by the volume of loans under foreclosure proceedings.
Generally, nearly 40 percent of properties on repo homes listings are sold at foreclosure auctions by lenders. The remaining distressed loans were renegotiated or some arrangements have been made in order for homeowners to avoid foreclosures.
Brookings’ survey of 100 markets showed that the Dallas-Fort Worth Metroplex area was ranked 36 in terms of high number of properties on repo homes listings.
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- Buying Distressed Homes in Dallas and Fort Worth
- Scheduled Foreclosed Home Auctions Rose in California
- Lenders Sought Postponement of Repossessed Homes Auctions
- Foreclosure Properties Going Rampant in Hawaii
