The Foreclosure Report

Dallas/Ft. Worth Defaults 'Here To Stay'

The Dallas News has this update from the metroplex. "With mortgage rates inching up and consumer expenses soaring, most analysts weren't looking for a decline in local home foreclosures. So July's 26 percent jump in North Texas residential foreclosure postings over last July comes as no surprise to the folks who track the market."

"'I don't see any reason for it to fall off,' said George Roddy of Foreclosure Listing Service. 'The major cause is credit card debt and overborrowing on properties. This is here to stay.'"

"The Addison-based foreclosure analyst said Thursday that more than 2,700 North Texas homes are facing foreclosure at next month's auctions. That's down from the 3,200 homes in June but remains significantly above last year's total for the month."

"'July's postings would have been higher if the date of the sale wasn't on the Fourth of July,' Mr. Roddy said. Even with the holiday, home foreclosure postings were up 44 percent in Rockwall County and 43 percent in Tarrant County."

"Pending foreclosures rose 25 percent in Dallas County. Through the first seven months of 2006, more than 21,000 North Texas homes have been posted for foreclosure, an increase of 13 percent from postings in the same period of last year."

"Rising home prices and increased mortgage costs have added to the problem, Mr. Roddy said. 'As prices go up, more people trying to buy a house need these creative financing packages, and they get in over their heads,' he said."

posted by Ben Jones @ 10:12 AM