Wednesday, May 22, 2013

Dallas Foreclosures Down Significantly

DALLAS (Dallas Morning News) – Continuing the downward trend of foreclosure filings, area homes being threatened by foreclosure in June are down 43 percent from last year.
Not only are upcoming foreclosure postings down dramatically, year-to-date foreclosure filings in the Dallas-Fort Worth area have fallen by nearly 40 percent over the first half of 2012.
Real Estate Center Research Economist Dr. James Gaines said foreclosures are slowly moving back toward historic norms, in part because lenders are changing how they handle past-due mortgages.
“The banks are not using foreclosure as the main way to cure the problem,” Gaines said. Instead, lenders are offering to modify loans or offering the properties through short sale.