Foreclosure postings in North Texas plunged 28 percent for July's auctions, the fifth consecutive month of declines and the largest drop during that stretch, according to the Foreclosure Listing Service.
Tarrant County filings are down 23 percent for July, to 1,374, and are down 8 percent for the year. In the area's four biggest counties -- Tarrant, Dallas, Denton and Collin -- combined postings are down 10 percent for the year but remain 15 percent above 2008 levels.George Roddy, president of the listing service, said if postings fall one more month, "we may be able to see the other side of this foreclosure crisis."But he warned that the decline for the July auction is so large, it's possible that postings were slowed by lenders' legal concerns. Mortgage lenders and servicing companies face court challenges to their foreclosures and calls for a slowdown from state and federal authorities.Roddy also noted that foreclosures remain well above historical levels. North Texas saw 5,654 postings for July, the most since December's 6,081 postings."While postings may inch down somewhat ... overall posting levels will remain high for some time to come," Roddy said in a statement.Foreclosure auctions are held on county courthouse steps the first Tuesday of each month. Postings must be filed at least 21 days beforehand.According to Roddy, 25 percent to 40 percent of all postings result in foreclosure. The remainder are cured by homeowners bringing mortgages current or negotiating other terms with lenders.Jim Fuquay, 817-390-7552Foreclosures keep falling
Change in lenders' foreclosure postings compared with a year earlier.
|
Month* |
N. Texas |
Tarrant |
|
March |
-9% |
-7% |
|
April |
-16% |
-14% |
|
May |
-23% |
-24% |
|
June |
-6% |
-4% |
|
July |
-28% |
-23% |
*month of scheduled auction
Source: Foreclosure Listing Service
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