Wednesday, March 05, 2014

Dallas-Fort Worth foreclosure filings fall to almost decade low

Less than 1,600 D-FW area homes are scheduled for March foreclosure. (AP)
The number of Dallas-Fort Worth homes facing foreclosure this month has dropped to one of the lowest levels in a decade.
Less than 1,600 North Texas homes are scheduled for foreclosure at today’s lender auctions, according to data from Foreclosure Listing Service.
Residential foreclosure filings for the 4-county area are almost 25 percent below where they were in March 2013 and are less than a third of what they were in 2010, the worst year for North Texas home foreclosures.
The biggest decline in home foreclosure postings for this month was in Denton County, where filings dropped by about a third from a year earlier totals.
Foreclosure postings were down by about a quarter in Tarrant and Collin counties and dropped by about 20 percent in Dallas County, according to Foreclosure Listing Service data.
The average original loan amount for houses set to be sold at foreclosure auction this month was $137,860. And the average loan origination date was in 2005.
Last year lenders made about 28,500 North Texas home foreclosure filings – the lowest number in a decade.
The 2013 foreclosure postings were less than half of what they were in 2010 when there were almost 64,000 D-FW foreclosure filings.
Not all homes posted for foreclosure each month are actually sold by the lenders. Many times the foreclosure is delayed or avoided.
A new report by says that in the fourth quarter of 2013, less than 13 percent of Dallas-Fort Worth area homeowners owned more than their property is worth. That’s a big improvement from the 24.2 percent negative equity rate in fourth quarter 2012.
Homeowners who owe more than their property is worth are more likely to default on the loan and go into foreclosure.
In January the Dallas area had a 3.7 percent delinquent payment rate for home loans, compared to 5 percent nationwide, according to CoreLogic Inc.
Less than 1 percent of Dallas-area homes were in foreclosure inventory in January, compared with a 2 percent nationwide rate, CoreLogic said.