D/FW Foreclosures Surge
Posted on 05. Jan, 2010 by toniarney in Blog
Dallas-Fort Worth will start the new year with a surge in home foreclosure postings.
Almost 5,900 homes are scheduled for foreclosure next month in the four-county area, according to Foreclosure Listing Service (FLS). That’s a 45 percent jump in foreclosure filings from January 2009.
But as in previous months, a big part of the current filings — probably more than 40 percent — are not new postings but houses that have previously been scheduled for forced sale, FLS president George Roddy said.
“This month was a whopper,” Roddy said. “It’s partially due to the fact these loan modifications are piling up.”
Lenders typically delay home foreclosures while negotiating with borrowers. That can result in the same property being scheduled for auction over and over for months.
The biggest jump in foreclosure postings for January was in Collin County, where filings rose 77 percent from a year earlier. Foreclosure postings rose 39 percent in Dallas County and 38 percent in Tarrant County.
January’s 5,894 foreclosure filings for DFW were still below the record 6,072 postings in July.
In 2009, Foreclosure Listing Service recorded a record 61,676 DFW foreclosure filings — up 23 percent from 2008. But not counting the repeat filings, foreclosure notices fell 12 percent in the area.
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