Mckinney Courier-gazette > News
Foreclosures still rising for Collin County
By Danny Gallagher, McKinney Courier-Gazette
The housing market might be showing signs of improvement elsewhere, but Collin County continues to see rising foreclosure rates.
Collin County saw a small but noticeable increase for the November home auction of 38 percent for the month of October, making it the county with highest increase in the Dallas-Fort Worth area, according to Foreclosure Listing Services of Fort Worth.
Despite the large increase, Collin County had the second lowest number of home foreclosures on the block with 763 properties placed on foreclosure. The increase also represents a 2 percent decrease from September and a 55 percent increase from November of 2007, according to FLS records.
Dallas County had both the highest number of home in foreclosure and the smallest increase for October with 2,377 homes creating a 23 percent increase. Tarrant County also had 1,814 homes in foreclosure and Denton County had 600 homes, both of which netted each county at 35 percent increase.
Overall, the numbers painted a very disturbing picture, said George Roddy Sr., FLS president and chief executive officer.
ÒFor the seventh time in eight months, residential foreclosure postings filed in the D/FW Metro have climbed above 5,000 for the upcoming auctions," Roddy said. ÒFor 14 consecutive months, D/FW home postings have been on the high-end of the foreclosure cycle and exceeding 4,000 in each of those months. Then, in April of this year, foreclosure notices toppled the 5,000 per month mark for this first time in this cycle and even surged up to 6,072 postings for the July auctions.Ó
The numbers also represented a new high for the Dallas-Fort Worth area, Roddy said.
Ò56,423 homes in the D/FW Metro have been posted for foreclosure for the first eleven foreclosure auctions of this year and pushing the number of homes posted for this period to a new record high.Ó Roddy said. "Please note, although Foreclosure Listing Service, Inc. began tracking foreclosure posting activity in the 1960s, only certain counties within the four-county D/FW region were monitored during the real estate crisis of 1989 & 1990."
He expects the numbers to top the current high by the end of the year.
ÒAt this pace, home foreclosure postings should easily top 60,000 by the end of the year in the Metroplex.Ó Roddy said. ÒIn general, about 40% of the homes posted are actually auctioned off at the monthly foreclosure auctions. Therefore, by year-end, I expect that approximately 25,000 D/FW homes will have been seized because of mortgage delinquencies.Ó
Contact Danny Gallagher at dgallagher@acnpapers.com.
Collin County saw a small but noticeable increase for the November home auction of 38 percent for the month of October, making it the county with highest increase in the Dallas-Fort Worth area, according to Foreclosure Listing Services of Fort Worth.
Despite the large increase, Collin County had the second lowest number of home foreclosures on the block with 763 properties placed on foreclosure. The increase also represents a 2 percent decrease from September and a 55 percent increase from November of 2007, according to FLS records.
Dallas County had both the highest number of home in foreclosure and the smallest increase for October with 2,377 homes creating a 23 percent increase. Tarrant County also had 1,814 homes in foreclosure and Denton County had 600 homes, both of which netted each county at 35 percent increase.
Overall, the numbers painted a very disturbing picture, said George Roddy Sr., FLS president and chief executive officer.
ÒFor the seventh time in eight months, residential foreclosure postings filed in the D/FW Metro have climbed above 5,000 for the upcoming auctions," Roddy said. ÒFor 14 consecutive months, D/FW home postings have been on the high-end of the foreclosure cycle and exceeding 4,000 in each of those months. Then, in April of this year, foreclosure notices toppled the 5,000 per month mark for this first time in this cycle and even surged up to 6,072 postings for the July auctions.Ó
The numbers also represented a new high for the Dallas-Fort Worth area, Roddy said.
Ò56,423 homes in the D/FW Metro have been posted for foreclosure for the first eleven foreclosure auctions of this year and pushing the number of homes posted for this period to a new record high.Ó Roddy said. "Please note, although Foreclosure Listing Service, Inc. began tracking foreclosure posting activity in the 1960s, only certain counties within the four-county D/FW region were monitored during the real estate crisis of 1989 & 1990."
He expects the numbers to top the current high by the end of the year.
ÒAt this pace, home foreclosure postings should easily top 60,000 by the end of the year in the Metroplex.Ó Roddy said. ÒIn general, about 40% of the homes posted are actually auctioned off at the monthly foreclosure auctions. Therefore, by year-end, I expect that approximately 25,000 D/FW homes will have been seized because of mortgage delinquencies.Ó
Contact Danny Gallagher at dgallagher@acnpapers.com.
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