By Sandra Baker
Foreclosures up 39%
That’s because commercial foreclosures jumped 39 percent in Dallas-Fort Worth in 2010, with 3,357 postings compared with 2,424 in 2009. Of those, 3 out of every 4 properties were repossessed by the lenders, according to Foreclosure Listing Service, an Addison-based real estate research firm.
The amount of REO on banks’ books has skyrocketed since the early days of the recession. Among all U.S. banks, REO jumped from $13.2 billion at the end of 2007 to $53.3 billion as of Sept. 31, 2010, according to Federal Deposit Insurance Corp. data. Texas banks showed a similar increase, going from $372 million in REO to $1.84 billion in the same period.
At some point, lenders will try to sell those properties.
Investors don’t usually show up at foreclosure auctions ready to buy, said George Roddy Sr., president of Foreclosure Listing Service.
“Those looking for commercial property to occupy or as an investment can find some great opportunities among commercial foreclosure postings right now,” Roddy said. He said a 5,100-square-foot shopping center in Tarrant County sold at auction last year for $285,000, or 73 cents on the dollar, because the buyer had the money.
Read more: http://www.star-telegram.com/2011/02/06/2827570/investors-waiting-to-buy-up-foreclosed.html#ixzz1DFePxq9R