The Foreclosure Report

Thousands Of D/FW Homes Face 'Forced Sale'

The Dallas Morning News has this report on north Texas. "Foreclosure postings in North Texas have fallen from February's near-record levels. But the number of homes scheduled for foreclosure sale in March is still 15 percent higher than a year ago. More than 3,000 Dallas-Fort Worth houses are threatened with forced sale next month to repay lenders."

"'It's down pretty good from last month but is still up from a year ago, which is discouraging,' said George Roddy. 'We are still in a cycle of foreclosure numbers going higher.'"

"Almost half of the foreclosure postings are in Dallas County, which had a 22 percent increase from a year ago. Pending foreclosures rose 31 percent in Denton County and are up 44 percent in Rockwall. For the first three months of 2006, 9,475 homes have been posted for foreclosure in the D-FW area, an increase of 17 percent from the same period last year."

"February's foreclosure postings were the highest this area has seen since 1989. Analysts have attributed the higher foreclosure levels in part to tougher bankruptcy laws and requirements for higher credit card payments. 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."

posted by Ben Jones @ 9:39 AM