Foreclosure is a terrible problem facing a growing number of home owners across the country. Thankfully, Texas foreclosure rates are headed downhill fast, especially in the Dallas-Fort Worth area. While foreclosures in the Dallas area haven’t been eliminated entirely, the drop in lender initiated repossessions comes as welcome news to home owners and real estate agents alike.
Lending institutions posted approximately 3,600 foreclosed North Texas homes for auction in the month of October. According to Foreclosure Listing Service, an Addison-based foreclosure analysis firm, that’s a 14 percent drop in homes since the very same time a year ago. The drop in foreclosures is undoubtedly a sign that the North Texas housing market is making up for time lost during the recent recession.
The yearly numbers for the Dallas area are looking good too. Foreclosure filings in Dallas County have sank a total of 10 percent since last year. Denton County is also seeing a dip in foreclosures, registering an 8 percent drop in repossessions over 2010. Tarrant and Collin Counties saw the biggest monthly declines this month, where postings are down 19 percent.
The recent drop in foreclosures in North Texas is not without consequence. 2012 has seen around 42,000 foreclosures in the Dallas-Fort Worth area, the lowest number of foreclosures in the last five years. As a result, home values are steadily rising as consumers are no longer fearing foreclosure and are benefiting from shockingly low interest rates. Buyers are opting to enter the market and purchase a new home once again. Not only that, but the North Texas housing inventory is at a 12-year low, making it increasingly difficult for potential home buyers to get the houses they’ve had their eyes on.
There is still time to purchase Stephenville real estate, but properties are going fast! Contact us today to check out Stephenville homes for sale while the getting is still good.