North Texas Foreclosure Rate Slows Slightly

After a big first quarter, the foreclosure rate in the North Texas area slowed a bit, but it is still rising, and officials are predicting that this trend will not last as the year progresses. In terms of scheduled foreclosure sales for June, the foreclosure rate only increased by 3%, much lower than the statistics for the first three months of 2008. At this point, foreclosure are up over 20% higher than they were at the same time during 2007, showing the progressive upward trend in the area.

More than 3,800 homes are currently scheduled for auction in June in the area. The biggest metropolitan area in North Texas, the Dallas and Fort Worth area, is accounting for a huge portion of those sales, but other areas, including the city of Denton, are also seeing higher rates of foreclosure than usual in recent months. The biggest increase in scheduled sale came in Collin County, where the amount of sales was up by roughly 17%.

These days, between 50 and 60% of mortgage defaults in the region end up being sold off at foreclosure sales. As the economy gets worse, fuel and food prices get higher and people find it harder to keep up, this number is actually expected to increase, which could mean an even more flooded foreclosure market than already exists.

One Response to “North Texas Foreclosure Rate Slows Slightly”

1. Foreclosure Rate Rises 4% from March to April, Sets Record Says:
   May 27th, 2008 at 3:50 pm

   [...] North Texas Foreclosure Rate Slows Slightly [...]

Comments

Name (required)

Mail (will not be published) (required)

Website

Sponsored Links:

Related Posts:

• Chicago Holds 2nd Highest Metropolitan Foreclosure Rate in Nation
• North Carolina Real Estate Market is Better than the Worst in Nation
• Denton County Sees 40% Spike in Foreclosures
• Foreclosed Home Auctions Gaining Popularity in Texas
• Foreclosed Commercial Properties Listings in D-FW Surged