Property foreclosures continue to climb (DFW area)

Dallas Business Journal ^ | 8/19/2003

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Property foreclosures continue to climb

Property foreclosures continue to rise in the four-county Dallas-Fort Worth area, according to a study by Addison-based Foreclosure Listing Service Inc.

In the third quarter, foreclosures were up 45 percent in Denton County, 44 percent in Collin, 38 percent in Dallas and 32 percent in Tarrant, the report said. Third-quarter residential postings for the DFW metro area totaled 6,902, up from 5,033 in the year-ago quarter.

For the September mortgage lenders' foreclosure auction, Dallas County posted 1,093 properties, compared with 845 in September 2002. In Collin County, foreclosure posting activity increased to 307 from 237 last September. In Tarrant County, postings climbed to 745 from 509 last year. And Denton County posted 612 properties, up from 422 in September 2002.

"DFW residential foreclosure posting activity for the third quarter climbed 37 percent. And, on a year-to-date basis, the same trend is indicative with a 38 percent growth in postings reported from January to September," said George Roddy, president of Foreclosure Listing Service. "Based on our economic forecast, I expect foreclosure postings to continue at or about the current level at least into the first quarter of 2004."

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"Based on our economic forecast, I expect foreclosure postings to continue at or about the current level at least into the first quarter of 2004."

At that rate, foreclosures in the DFW area will be hitting over 10,000 foreclosures per quarter in about 4 months. Results of a "jobless recovery"?