Friday, July 14, 2006

Dallas Area Defaults: 'No Sign Of Abating'

The Dallas News reports on defaults in the metroplex. "The surge in North Texas home foreclosures shows no sign of abating. Next month, 2,961 homes are scheduled for foreclosure. That's a 26 percent jump from the number of foreclosure postings for August 2005, Foreclosure Listing Service Inc. reported Thursday."

"Through the first eight months of 2006, more than 24,000 Dallas-Fort Worth area homes have landed on the foreclosure list. That's an increase of 15 percent from the same period last year."

"Dallas County had the largest number of homes facing foreclosure in the latest survey. More than 1,400 residences are scheduled for sale at next month's foreclosure auction. That's 30 percent more than in August 2005."

"'Many households that were barely squeaking by last year will be pushed off the edge by these extra costs,' George Roddy said. 'With both the cost of living expenses and interest rates expected to continue rising, I anticipate that foreclosure postings will remain high for some time and may even reach a higher level than we have seen thus far this year,' Mr. Roddy said."

"The biggest jump in August foreclosures was in Collin County, which saw postings rise by 34 percent. Foreclosure postings in Denton County were up by 30 percent."

"Texas has one of the highest home foreclosure rates in the country. Because the state has lagged behind the rest of the nation in home appreciation, homeowners who get in financial trouble sometimes find they don't have enough equity built up in a house for a quick and profitable sale."


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