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Dallas-Fort Worth home foreclosures rise 1%

07:32 AM CDT on Friday, October 17, 2008

By STEVE BROWN / The Dallas Morning News
stevebrown@dallasnews.com

Home foreclosures in the Dallas-Fort Worth area edged up 1 percent from a year ago in the latest measure of owners facing forced sale.

More than 4,200 homes in the area are scheduled for foreclosure sale in November, according to statistics released Thursday by Foreclosure Listing Service.

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Foreclosures map:

Foreclosures are down slightly in Dallas County but continue to rise by double digits in Collin County.

This year, Collin County cities have been hard hit by widespread home loan defaults and foreclosures.

"That is exactly what's going on," Foreclosure Listing Service president George Roddy said. "There has been a lot of new construction up there, people moving in and overborrowing."

During the first half of 2008, Frisco and McKinney each had more than 250 home foreclosures.

And while the rate of foreclosure growth has slowed in the D-FW area, that doesn't mean problems have abated, Mr. Roddy said.

"Looking at the overall D-FW area, we are up only 1 percent from 2007, but those numbers were very, very high," he said.

For the first 11 months of 2008, more than 46,000 homes have been threatened with foreclosure, a 31 percent jump from the same period of 2007 and almost 60 percent higher than 2006's total, according to the Addison-based foreclosure tracking firm.

"I expect we will be very close to 50,000 home foreclosure postings in the area this year," Mr. Roddy said.

That would be an all-time record.

About 40 percent of the monthly foreclosure postings result in an actual forced sale of the property.

In some cases, the sales are delayed or the borrower reaches a new agreement regarding the debt.

Residential properties scheduled for foreclosure auction in November by county and the change from a year ago.
County Postings Change
Dallas 1,925 -5%
Tarrant 1,348 +7%
Collin 551 +12%
Denton 445 -1%
D-FW area 4,269 +1%
SOURCE: Foreclosure Listing Service
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