Provided By Dallas Morning News
The number of potential home foreclosures in North Texas is down sharply.
Foreclosure filings for next month’s auctions dropped by 23 percent, Foreclosure Listing Service said Thursday.
This is the third month in a row that foreclosure postings in the four-county area are lower than the previous year.
“Dallas-Fort Worth residential foreclosure postings have dropped to a 40-month low,” said George Roddy, president of the Addison-based foreclosure tracking firm.
Lenders have scheduled 3,719 area homes for foreclosure in May, the lowest number since January 2008.
But despite recent declines in foreclosure postings, Roddy isn’t convinced the worst is over.
“I believe this is an artificial decline in foreclosure notices due to the tremendous scrutiny applied by regulators during recent months in response to publicity about past problems with the foreclosure process,” he said. “The fallout from this foreclosure crisis is going to take a long time to work through.”
Some analysts are predicting lenders will increase the number of foreclosures in the months ahead.
The biggest drop in current foreclosure filings is in Collin County, where postings dropped 31 percent from a year ago. Postings are down 23 percent in Dallas County and 24 percent in Tarrant County.
For the first five months of 2011, foreclosure filings in North Texas are 8 percent lower than in the same period last year, Foreclosure Listing Service reports. So far in 2011, 25,106 home foreclosure filings have been recorded in the four-county area.
Only about a third of the homes set for foreclosure each month are actually sold by lenders. In many cases the forced sale is delayed or the borrower reaches a new agreement with the mortgage company.
Last year, lenders filed for foreclosure on a record 63,835 D-FW area homes — up 4 percent from 2009.
Facing foreclosure? There are options, call us at 972.772.7000 or email us at frontdesk552@kw.com.
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