12:46 AM CST on Friday, January 14, 2011
Dallas-Fort Worth foreclosure filings have jumped 19 percent.
Lenders posted 5,580 North Texas homes for next month’s foreclosure auctions, Addison-based Foreclosure Listing Service said Thursday.
The surge in foreclosure filings for February auction comes after January filings were down 6 percent from a year ago.
“D-FW residential foreclosure posting activity for February remained on the extreme high-end in this foreclosure cycle,” Foreclosure Listing Service president George Roddy said in the report. “Needless to say, the fallout from this foreclosure crisis is going to take a long time to work through.
Check out George Roddy’s Recap at the bottom
“Until a significant number of workers begin to be re-employed, there is simply no reason for foreclosure postings to decline,” Roddy said.
More than 11,000 filings for D-FW residential foreclosures have already been recorded in the first two months of this year in North Texas.
In 2010, lenders made a record of almost 64,000 North Texas home foreclosure postings – 4 percent more than 2009’s total.
Denton County had the biggest jump in postings for February, up 29 percent. Collin County had the smallest rise, only 10 percent.
More than a quarter of the homes facing possible foreclosure next month have more debt than the property’s appraised for on the tax rolls, Foreclosure Listing Service found.
Not all of the homes posted for foreclosure each month are sold at auction by lenders. In many cases, the mortgage holder delays the auction or the borrower reaches a new agreement.
George Roddy’s Recap: We believe that the volume of foreclosure we stay at or near the levels we are seeing today for the next 12-18 months. After this time, we see the numbers drop slightly (15%) over a 24 month period. Like the article mentioned, there are several factors that needs to be corrected (re-employment, consumer credit card debt, weeding through the creative financing that was rampant from 2002-2007. We aren’t going to see any measurable appreciation in our neighborhoods until the high number of distressed real estate transactions (up to 40% of sales in some neighborhoods) filter out.
George Roddy, Jr. / www.Roddy.com / 214-593-0074- Are you interested in making money in distressed Texas real estate? We can help!