Meteoritic Rise in Dallas Foreclosure Homes
Dallas seems to be in trouble again in 2007 as it witnessed almost 43,000 homes going into foreclosure. Homeowners are feeling the heat more and more and they are not too sure if the rate of bank foreclosure homes in the Dallas Metro is going to rise again in 2008. The rate of Dallas bank foreclosures are actually up by 10% since 2006 and have almost become a record. According to industry estimates, the foreclosure houses market in the Dallas-Ft. Worth area has grown by leaps and bounds. The rate was 50% in the past 5 years and analysts believe this high rate is due to the lax lending standards. Around the end of the year in December 2007, number of Texas foreclosure homes sold went up by 14% as compared to 2006, which is good news for investors.
The Dallas Metro has 80 counties including Wake County and by the end of the second quarter of 2007 they had reported 3,612 filings, which was actually 3% less the rate in the previous month. The rate of Dallas foreclosure homes was actually one per 396 homes after the second quarter, which was 1.8 times the national average. In May, 2007 Dallas County reported a high with 2,146 homes and this considerably increased the existing repository of Texas bank foreclosures. On the top of the list was Collin County, which recorded a rate of one per 731 homes. Homeowners in Dallas Metro area feel that the loans that they had borrowed in the period between 2003 and 2006 have hit back and caused several casualties. The overall rate of Texas foreclosed homes has increased, families are homeless and the situation is quite traumatic.
