North Texas Defaults Continue Growing
The Dallas News has this on area defaults. "North Texas home foreclosure postings jumped by 13 percent for June. One of the biggest increases is in Dallas County, where the number of homes facing forced sale is up 16 percent from a year ago.""For the four-county area, 3,215 homes are posted, up from 2,842 in June 2005. Analysts attribute the growing number of foreclosures to consumer debt problems and rising costs. And the number of people facing mortgage woes will probably grow now that interest rates are moving higher, said George Roddy."
"'The increase in payments on adjustable-rate mortgages is going to start killing people with the bump-up in interest rates,' Mr. Roddy said. 'The cost of living, gasoline, electric bills, everything, all adds up and pushes people over the brink.'"
"Years of low home price increases in North Texas add to the woes, he said. 'They try and sell their house and find out it has unfortunately not appreciated by much,' Mr. Roddy said."
"For the first six months of 2006, 18,551 homes have been posted for foreclosure in North Texas. That's an increase of 12 percent from the same period of last year."
posted by Ben Jones @ 7:51 AM
1 Comments:
None of this surprises me in the least. Dallasites have always lived way way beyond their means. Appearance is everything even if there is nothing behind it, which there seldom is.
I looked at the property tax statement for my Dallas rent house which I am leaving very shortly and nearly fell out of my chair. Over 7K per year and the house is assessed at 242K. I thought I was paying more to rent this place than I would to buy it. I'm not and that shocks me.
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