Credit woes cited as houses posted for auction rise 15%

12:28 PM CDT on Friday, April 28, 2006

By STEVE BROWN / The Dallas Morning News

Some North Texans are having a tough time hanging on to their houses.

The number of residential properties facing foreclosure next month is up about 15 percent from a year earlier.

Almost 3,000 Dallas-Fort Worth area homes are scheduled for foreclosure sale in May, Foreclosure Listing Service Inc. reported on Thursday.

Analysts with the Addison-based foreclosure consultant attribute the recent increases to consumer credit problems, not a downturn in the overall economy.

While monthly foreclosure totals are down from earlier in the year, they are still up from 2005 levels.

Through the first five months, 15,336 foreclosure postings have been recorded for the area.

That's an 11 percent increase from the same period of 2005.

The biggest jump in May postings was in Denton County, up 28 percent.

Dallas County saw a 17 percent rise in foreclosures.

And in Rockwall County, the number of postings fell about 10 percent from a year earlier.

Not all of the homes posted for lenders' auction are sold each month.

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

E-mail stevebrown@dallasnews.com