Monday, October 17, 2005

Dallas/Ft. Worth Foreclosures Up 44% YOY

Realtor magazine reports on what is behind the defaults in Texas. "Home foreclosures in the Dallas-Fort Worth metro area have increased 44 percent through October over the same period last year. Foreclosures rose 4 percent in October with a total of 2,687 properties listed for possible foreclosure."

"George Roddy Sr., blames loose lending practices, especially 110 percent and higher financing, for the abnormally high number of properties reverting back to lenders. With these types of loans, which require no equity investment by a buyer, 'the owners are upside down in their mortgages,' says Roddy. 'When something happens, the first thing people do is sell their homes. If they can't do that, they just walk away.'"


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