A higher percentage of homes is posted for foreclosure than 10 years ago, despite a significant growth in the number of homes built and sold in recent years.
The figures released Thursday from Addison-based Foreclosure Listing Service show that one of every 59 homes in the Metroplex were posted for foreclosure during the first half of the year. Ten years ago, there was one posting for every 146 homes.
The increased frequency of foreclosures shows the prevalence of the problems that are hurting a wider cross-section of homeowners, said George Roddy, president of Foreclosure Listing Service. He was taken aback by the results of the study.
“If you look at the problematic issues that affect us, there are many more in this day and time,” he said. Today, increases in the cost of living that affect all homeowners, as well as a slew of adjustable mortgages and a down home sales market are some of the factors contributing to the foreclosure problem.
In the past, those were not even on the radar. Death of a breadwinner, divorce, job loss and medical problems have always traditionally contributed heavily to foreclosures.
North Texas saw record numbers of home starts and sales during the housing boom years. The number of North Texas homes increased to 1.5 million homes, up 33 percent from 1.1 million homes in 1998, according to Foreclosure Listing Service. The figures count the number of homes on the tax rolls in Tarrant, Dallas, Collin and Denton County.
Foreclosure postings have skyrocketed to 8,145 Tarrant County postings in the first half of 2008, up 221 percent from the first half of 1998, when there were 2,534 postings in the first six months.
Then and Now
Tarrant County foreclosure postings have risen stratospherically in the past 10 years. Here's a look at postings at mid-year 1998, and mid-year 2008:
|Avg. assessed value||$64,410||$137,389|
|Avg. age of loan||7 years||4 years|
|Homes in inventory||123,981||221,967|
|Ratio of foreclosures to houses||1:139||1:57|
Source: Foreclosure Listing Service