Saturday, December 17, 2005

More On North Texas Foreclosures

The Dallas News has more confirmation of foreclosures in north Texas. "North Texas will start out the New Year with a 4 percent increase in home foreclosure postings. More than 2,800 homes are facing foreclosure in January's auctions. While that's down from December's record postings, it's still up from a year ago."

"'Residential posting activity continued to climb in all but one of the urban metro counties,' said George Roddy. 'Preliminary numbers indicate that January postings of Collin County homes were down 17 percent compared to the same month in 2005.'"

"Mr. Roddy said that concerns about the change in bankruptcy laws caused a spike in foreclosure postings in recent months. 'This month the foreclosure postings have dropped off some, but to still unhealthy numbers,' he said. 'It looks like it will be ongoing for the near future.'"

"Foreclosure postings were up sharply in Denton County and Rockwall County compared with a year ago. For all of 2005, more than 32,000 North Texas homes were posted for foreclosure, an increase of 4 percent. Not all of the homes posted for lenders' auction are sold each month. In many cases the sales are delayed or the borrower reaches a new agreement regarding the debt."

5 Comments:

At 1:54 PM, Blogger Ben Jones said...

For those not familiar with this part of Texas, these counties are largely north of Dallas and Ft Worth. There are a sea of subdivisions going up and have been for a while.

These are probably intended to be commuter homes. But it is a long drive in slow traffic. I would only go after these if it were 30% of current prices.

 
At 9:40 AM, Blogger Chip said...

I remember a buddy buying a large home in Texas, somewhere near Dallas, in the '90s, for a relative song. Would magine it can happen again -- a huge drop. I'd have considered Texas myself, but their property taxes keep me away.

 
At 9:40 PM, Blogger David said...

Hey Ben, do you have any information on the historical volatility of foreclosure rates? I apologize if you've covered this before, but I'd be interested to know how local and national normally tend to move with relation to interest rates, unemployment, and gdp in local and national markets. I'd like to have a sense of how much this level of foreclosures is a statistical aberation.

Is this kind of data accessible somewhere? Thanks.

 
At 9:54 PM, Blogger Ben Jones said...

David,
What I can say is that in a bust, buying stops.

 
At 7:24 PM, Blogger txchic57 said...

Good blog. I worked at a large Dallas law firm in the 80s and early 90s doing bankruptcy and workouts/liquidations of FDIC and bank REO. I see all the signs of another go round of this activity. IF anything, Dallas is even more overbuilt than it was back then. It's as if nobody learned a thing.

Great blog. Bookmarked it.

 

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