Wednesday, September 24, 2014

D-FW home foreclosure filings down 24 percent for October

     North Texas home foreclosures are down more than a third this year from the first 10 months of 2013. (DMN files)
Dallas-Fort Worth home foreclosure filings are down by almost a quarter for October.
Lenders have scheduled more than 1,500 homes for forced sale, compared to about 2,000 properties in October 2013, according to the latest data from Foreclosure Listing Service.
The decline in home foreclosure postings for next month continues a long trend of fewer problem residential loans.
So far in 2014, home foreclosure filings for North Texas are running more than a third behind where they were for the first 10 months of 2013, according to Foreclosure Listing Service.
George Roddy, CEO of the Addison-based foreclosure-tracking firm, said that the biggest year-over-year declines in forced home sales are probably past.
“It definitely looks like we have reached that point,” said Roddy, who wouldn’t be surprised to see a slight uptick in foreclosures late this year. “In my mind there are still properties out there that the loan is not being paid on and the owners have abandoned or they are living there for free.
“I can’t figure how the foreclosure postings just stopped so quick instead of gradually falling off over a period of time,” he said.
D-FW home foreclosures peaked in 2010 when almost 64,000 homes were posted for forced sale. Through the first 10 months of 2014, 15,564 homes have been scheduled for foreclosure.
Not all homes scheduled for foreclosure each month actually sell at auction. Many times the foreclosure is delayed while the borrower and lenders negotiate or reach other agreements.
For next month’s foreclosure auction, the biggest decline in filings was in Denton County where 31 percent fewer postings were recorded than in October 2013. Filings in Collin County were down 30 percent, and were 24 percent lower in Tarrant County and 20 percent less in Dallas County.
The average single-family home facing foreclosure had an original loan amount of about $130,000 that was financed in 2005.