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Texas bank foreclosures saw a new high in 2007 and were mainly due to the spike in the number of foreclosed homes in the Dallas-Ft. Worth area. Most of the counties contributed to this sudden increase in bank foreclosures and some of them include Tarrant County, Rockwall County and Johnson County. Tarrant County went on to record 1,921 homes entering foreclosure by April, which was seen as a 12% increase from March and the foreclosure rate in the county was one per 295 homes. Tarrant County was followed by Rockwall County that showed 113 homes in foreclosure with a rate of one per 136 homes.
These rates have considerably added more fuel to the fire and as a result, the Ft. Worth bank foreclosures hit the ceiling. In the 3rd quarter of last year, the rate of foreclosures in Texas skyrocketed and showed an increase of 30%. Of the 1.3 million homes that received foreclosure warning in the US, a large chunk of it consisted of Texas foreclosure homes. Texas stood 4th in the number of foreclosure filings across the country with more than 150,000 filings. Nationally Texas ranked 12th in the list with its foreclosure rate being 0.94%.
One of the areas that took a hit was Ft. Worth, which recorded total filings of 12,295 and 1.6% of the homes were in some stage of foreclosure throughout the year. This has definitely added to the existing repository of Ft. Worth foreclosure homes. The average rate of foreclosure in the Ft. Worth-Arlington area in 2007 was one in 57 homes, which put them in the 13th position in the list of top 100 metros. According to experts, it seems like there will be no relief in 2008 as well.
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