800 homes are ready for For closures in DFW

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With slower sales, more D-FW homes are heading to foreclosure
It’s getting harder for homeowners to sell before their properties go to auction.

Residential foreclosure filings have risen 40% from July to August and are almost double the number seen at this time last year.(DAVID J. PHILLIP / AP)
By Mitchell Parton

7:00 AM on Aug 25, 2022 CDT

Foreclosure activity in North Texas has been steadily climbing since the end of pandemic-related federal restrictions last year. Now, as homes on the market are taking longer to sell, more foreclosed homes are headed to auction.

Lenders have scheduled 795 homes for area foreclosure auctions in September, up from 331 last September, according to Foreclosure Listing Service, a McKinney-based real estate data firm.

Homes are sitting on the market longer than they did at the start of the year, and more sellers are finding they need to reduce the prices of their homes to get them to sell. As a result, it has become much harder for homeowners facing foreclosure to sell before the auction deadline, said Curtis Roddy, chief operating officer of Foreclosure Listing Service.

“In the past, when the market was red hot and someone just filed for foreclosure, you could sell your house in a day,” Roddy said. “Now, with properties sitting on the market for 20 or 30 days before they get an offer, it’s not as easy to sell a property before it goes into foreclosure.

“While there’s still a lot of equity in some of these houses, we’re just not seeing people being able to sell them before the auction as quickly.”

Related:U.S. home prices have surpassed $400,000. Here’s how D-FW prices stack up
In the first eight months of 2022, 4,740 homes have been filed for foreclosure in the major North Texas counties. That’s almost triple the number of filings than during the first eight months of 2021, when a federal moratorium on foreclosures was still in effect for most of the year and North Texas saw its lowest level of filings in decades.

Roddy said the increase in foreclosures signals a return to pre-pandemic levels rather than a crisis like the subprime mortgage disaster of 2007 to 2010. In 2019, there were about 8,200 foreclosure filings in North Texas. By the end of August 2010, there had already been 45,398 foreclosure filings since the start of the year, and 2,750 filings in that month alone.

“I don’t think we’re seeing anything like that,” Roddy said. “The big difference between now and then is the amount of equity people have in their home.”

As of Monday, residential foreclosure filings have risen 40% from July to August in major North Texas counties. “We expect that foreclosure postings are going to increase gradually; I don’t think we’re going to see a 40% increase every month, though I would expect to see foreclosures increase going into 2023,” Roddy said.

In North Texas, Dallas County had the largest number of foreclosure filings so far in August at 285, up 41% from last month, the firm found. Collin County foreclosure filings are up 72% from last month with 103, and have more than tripled since last year.

Even as the number of foreclosures picks up, they still represent just a tiny sliver of local housing inventory, about 1 in every 5,500 existing housing units, according to Attom Data Solutions.

Related:U.S. home prices have surpassed $400,000. Here’s how D-FW prices stack up

Mitchell Parton, Residential Real Estate Reporter. Mitchell covers residential real estate across North Texas for The Dallas Morning News. He previously covered commercial and residential real estate for the San Antonio Business Journal. He is a graduate of the University of Cincinnati.

[email protected] mitchellparton mitchellparton
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[Picheshwar]

Just now, windows_admin said:

Get ready guys

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THIS IS MEMBER-EXCLUSIVE CONTENT
BUSINESSREAL ESTATE

With slower sales, more D-FW homes are heading to foreclosure
It’s getting harder for homeowners to sell before their properties go to auction.

Residential foreclosure filings have risen 40% from July to August and are almost double the number seen at this time last year.(DAVID J. PHILLIP / AP)
By Mitchell Parton

7:00 AM on Aug 25, 2022 CDT

Foreclosure activity in North Texas has been steadily climbing since the end of pandemic-related federal restrictions last year. Now, as homes on the market are taking longer to sell, more foreclosed homes are headed to auction.

Lenders have scheduled 795 homes for area foreclosure auctions in September, up from 331 last September, according to Foreclosure Listing Service, a McKinney-based real estate data firm.

Homes are sitting on the market longer than they did at the start of the year, and more sellers are finding they need to reduce the prices of their homes to get them to sell. As a result, it has become much harder for homeowners facing foreclosure to sell before the auction deadline, said Curtis Roddy, chief operating officer of Foreclosure Listing Service.

“In the past, when the market was red hot and someone just filed for foreclosure, you could sell your house in a day,” Roddy said. “Now, with properties sitting on the market for 20 or 30 days before they get an offer, it’s not as easy to sell a property before it goes into foreclosure.

“While there’s still a lot of equity in some of these houses, we’re just not seeing people being able to sell them before the auction as quickly.”

Related:U.S. home prices have surpassed $400,000. Here’s how D-FW prices stack up
In the first eight months of 2022, 4,740 homes have been filed for foreclosure in the major North Texas counties. That’s almost triple the number of filings than during the first eight months of 2021, when a federal moratorium on foreclosures was still in effect for most of the year and North Texas saw its lowest level of filings in decades.

Roddy said the increase in foreclosures signals a return to pre-pandemic levels rather than a crisis like the subprime mortgage disaster of 2007 to 2010. In 2019, there were about 8,200 foreclosure filings in North Texas. By the end of August 2010, there had already been 45,398 foreclosure filings since the start of the year, and 2,750 filings in that month alone.

“I don’t think we’re seeing anything like that,” Roddy said. “The big difference between now and then is the amount of equity people have in their home.”

As of Monday, residential foreclosure filings have risen 40% from July to August in major North Texas counties. “We expect that foreclosure postings are going to increase gradually; I don’t think we’re going to see a 40% increase every month, though I would expect to see foreclosures increase going into 2023,” Roddy said.

In North Texas, Dallas County had the largest number of foreclosure filings so far in August at 285, up 41% from last month, the firm found. Collin County foreclosure filings are up 72% from last month with 103, and have more than tripled since last year.

Even as the number of foreclosures picks up, they still represent just a tiny sliver of local housing inventory, about 1 in every 5,500 existing housing units, according to Attom Data Solutions.

Related:U.S. home prices have surpassed $400,000. Here’s how D-FW prices stack up

Mitchell Parton, Residential Real Estate Reporter. Mitchell covers residential real estate across North Texas for The Dallas Morning News. He previously covered commercial and residential real estate for the San Antonio Business Journal. He is a graduate of the University of Cincinnati.

[email protected] mitchellparton mitchellparton
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k

[Swatkat]

6 minutes ago, windows_admin said:

Get ready guys

Sign In
SUBSCRIBE NOW$1 for 3 months

THIS IS MEMBER-EXCLUSIVE CONTENT
BUSINESSREAL ESTATE

With slower sales, more D-FW homes are heading to foreclosure
It’s getting harder for homeowners to sell before their properties go to auction.

Residential foreclosure filings have risen 40% from July to August and are almost double the number seen at this time last year.(DAVID J. PHILLIP / AP)
By Mitchell Parton

7:00 AM on Aug 25, 2022 CDT

Foreclosure activity in North Texas has been steadily climbing since the end of pandemic-related federal restrictions last year. Now, as homes on the market are taking longer to sell, more foreclosed homes are headed to auction.

Lenders have scheduled 795 homes for area foreclosure auctions in September, up from 331 last September, according to Foreclosure Listing Service, a McKinney-based real estate data firm.

Homes are sitting on the market longer than they did at the start of the year, and more sellers are finding they need to reduce the prices of their homes to get them to sell. As a result, it has become much harder for homeowners facing foreclosure to sell before the auction deadline, said Curtis Roddy, chief operating officer of Foreclosure Listing Service.

“In the past, when the market was red hot and someone just filed for foreclosure, you could sell your house in a day,” Roddy said. “Now, with properties sitting on the market for 20 or 30 days before they get an offer, it’s not as easy to sell a property before it goes into foreclosure.

“While there’s still a lot of equity in some of these houses, we’re just not seeing people being able to sell them before the auction as quickly.”

Related:U.S. home prices have surpassed $400,000. Here’s how D-FW prices stack up
In the first eight months of 2022, 4,740 homes have been filed for foreclosure in the major North Texas counties. That’s almost triple the number of filings than during the first eight months of 2021, when a federal moratorium on foreclosures was still in effect for most of the year and North Texas saw its lowest level of filings in decades.

Roddy said the increase in foreclosures signals a return to pre-pandemic levels rather than a crisis like the subprime mortgage disaster of 2007 to 2010. In 2019, there were about 8,200 foreclosure filings in North Texas. By the end of August 2010, there had already been 45,398 foreclosure filings since the start of the year, and 2,750 filings in that month alone.

“I don’t think we’re seeing anything like that,” Roddy said. “The big difference between now and then is the amount of equity people have in their home.”

As of Monday, residential foreclosure filings have risen 40% from July to August in major North Texas counties. “We expect that foreclosure postings are going to increase gradually; I don’t think we’re going to see a 40% increase every month, though I would expect to see foreclosures increase going into 2023,” Roddy said.

In North Texas, Dallas County had the largest number of foreclosure filings so far in August at 285, up 41% from last month, the firm found. Collin County foreclosure filings are up 72% from last month with 103, and have more than tripled since last year.

Even as the number of foreclosures picks up, they still represent just a tiny sliver of local housing inventory, about 1 in every 5,500 existing housing units, according to Attom Data Solutions.

Related:U.S. home prices have surpassed $400,000. Here’s how D-FW prices stack up

Mitchell Parton, Residential Real Estate Reporter. Mitchell covers residential real estate across North Texas for The Dallas Morning News. He previously covered commercial and residential real estate for the San Antonio Business Journal. He is a graduate of the University of Cincinnati.

[email protected] mitchellparton mitchellparton
Featured
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Timeless in Texas
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TOP BUSINESS STORIES
Fed chief’s stark message: Taming inflation will create more pain in your budget

Oklahoma is leading contender for a $4 billion Panasonic EV battery plant

Builder JPI partners on five new D-FW apartment communities
MEMBER EXCLUSIVE

D-FW developers blaze new trails looking for industrial building sites
MEMBER EXCLUSIVE

The $18,000 breast biopsy: When having insurance costs you a bundle

MORE STORIES
Plano shaved ice shop Sugar Mountain to close this weekend

Former Bullion and Alinea chef to take over Anise at The Village

First Benihana teppanyaki restaurant in Addison now open

Best things we ate this week: Bánh mì pizza, peach toast, and peanut butter beer

H-E-B brings its quest for the best Texas-made products to Dallas’ Fair Park
MEMBER EXCLUSIVE

Real. Local. Journalism.
Stand with us in our mission to discover and uncover the story of North Texas

BECOME A MEMBER >
THE LATEST
Trump Mar-a-Lago search affidavit released, revealing 14 of 15 boxes had classified docs
BY THE ASSOCIATED PRESS
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BY TALIA RICHMAN
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BY CATHERINE MARFIN
Ken Paxton again tries to intervene in suit with Dallas hospital over transgender care
BY LAUREN MCGAUGHY AND MARIN WOLF
MEMBER EXCLUSIVE
Viral video of racist rant, assault prompts arrest of Plano woman
BY ISABELLA VOLMERT
MOST POPULAR ON DALLASNEWS.COM
1
Family sues Prosper ISD, says daughters were abused by bus driver more than 100 times
2
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4
El IRS podría enviarle un reembolso de unos $750 en septiembre de 2022
5
Grapevine students stage walkout in protest of ‘transphobic’ policies
Texas' Leading News Source
Est. October 1, 1885
COMPANY
About The Dallas Morning NewsContact usCareersFAQ
ADVERTISE WITH US
AutosCelebrationsClassifiedsJobsObituariesPublic Notices
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Purchase Today's PaperPhoto reprintsArchived articlesBack copiesCommercial reprintsLicensing
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Copyright © 2022 The Dallas Morning News. All rights reserved.

 

 

 

@veerigadu

[manadonga]

It still started not even reached 2020 stage by eod and 2023 nov you will see reductions 

[csrcsr]

Cc @futureofandhra  anna maa dfw is recession proof, economy proof , market proof ani cheptadu inak emina ante ninne 200k over bid esi konaru ani cheptadu

[veerigadu]

@futureofandhra ni pilavandiii. Foreclosures lo kudaaa over bidding sesi kontaduuuu okkadeeee

[futureofandhra]

2 minutes ago, veerigadu said:

@futureofandhra ni pilavandiii. Foreclosures lo kudaaa over bidding sesi kontaduuuu okkadeeee

new homes gurinchi cheppamanu chustam 

foreclosures picha lite 

east facing new home ayithey chuddham

[quickgun_murugun]

1 hour ago, manadonga said:

It still started not even reached 2020 stage by eod and 2023 nov you will see reductions 

 

7 minutes ago, veerigadu said:

@futureofandhra ni pilavandiii. Foreclosures lo kudaaa over bidding sesi kontaduuuu okkadeeee

Austin Dallas housing markets assam route for sure ! 

Austin is definitely overhyped.. 

[Complex]

I been  watching the DFW market closely from past 2-3 months. New homes are staying longer in the market now, price reductions are minimal/less. But builders are offering lot of incentives (through their preferred lender) to get rid of inventory homes in some communities. 

I strongly feel that prices will reduced bit more on inventory homes in the future.

 

[veerigadu]

1 minute ago, quickgun_murugun said:

 

Austin Dallas housing markets assam route for sure ! 

Austin is definitely overhyped.. 

db ki manam chepitheee crying 😭 antaruuu ani @Thokkalee cheppodhuuu yevarikiii annaduuu bro

[veerigadu]

1 minute ago, Complex said:

I been  watching the DFW market closely from past 2-3 months. New homes are staying longer in the market now, price reductions are minimal/less. But builders are offering lot of incentives (through their preferred lender) to get rid of inventory homes in some communities. 

Phake news antunna uttthhh

[Complex]

Just now, veerigadu said:

Phake news

anna nenu prathi weekend poyi vasthunna.ela antav phake news ani?

[futureofandhra]

2 minutes ago, quickgun_murugun said:

 

Austin Dallas housing markets assam route for sure ! 

Austin is definitely overhyped.. 

Austin yes

Dallas I do not think so 

 

[futureofandhra]

2 minutes ago, Complex said:

I been  watching the DFW market closely from past 2-3 months. New homes are staying longer in the market now, price reductions are minimal/less. But builders are offering lot of incentives (through their preferred lender) to get rid of inventory homes in some communities. 

I strongly feel that prices will reduced bit more on inventory homes in the future.

 

@csrcsr  idhi situation 

[veerigadu]

1 minute ago, Complex said:

anna nenu prathi weekend poyi vasthunna.ela antav phake news ani?

Db lo antheee anna. Mem oppokom. Alaaa untenee prashantammm ga undhiii. Nidhraaa vasthundhiii