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Denton County Sees 40% Spike in Foreclosures
By jason | April 9, 2008
Texas has been a well known hotspot for foreclosure homes for some time, but most of the attention has been focused in the media on cities like Dallas and Houston. However, we are also seeing great amount of foreclosures in smaller areas that are just as desirable among homebuyers and investors as these cities, and one of these areas is the popular Denton County.
Denton County leads all North Texas counties in foreclosures by a stunning margin. Foreclosures in the area are now over 40% higher than they were one year ago in April of 2007, and between March and April of 2008 the foreclosure rate shot up by nearly 17%.
Denton is one of the most popular Dallas/Fort Worth area locations, home to lots of families, working singles and students, and could be a great place for investors to get involved. There area’s situation is also unique because many sub prime and adjustable rate mortgages were still being bought in vast numbers right up until the end of 2006.This means that many of the mortgages won’t go into adjustment until 2009,so we could see rising rates in Denton foreclosures well into next year.
If you’re looking for a good value in a suburban area with the resources of the big city nearby, buying Denton foreclosure may be perfect for you.
Topics: Foreclosure |