Foreclosures are going up an up in the Dallas area. Year to date, it's now reported to have had over 28,000 foreclosures. 3800 are threatened to face foreclosure next month. It's really sad, but all these people who got put into ARMs and didn't really understand what would happen, are in big trouble trying to scrape together a mortgage payment.
I had a listing appt this past Sunday where her ARM adjusted and she can't afford her $1600 a month payment though she has a roommate splitting part of it. Her ARM adjusts every 6 months, and she wants to sell before that, but has no money to pay the taxes at closing, though she would get her escrow account back. Big dilema, but I hear it more and more.
Other numbers are that Dallas County is up 32%, Collin County is up 38%, and Rockwall county, which you usually don't hear much about, is up 68%!!!
In many areas across the country, it's easier for people to get out from a foreclosure because they'll have equity in their homes. The Dallas market has always been much less expensive, around 18% before national average, and there is no equity for these people to get out of their homes. Even the real estate bust of the '80s was only seeing about 2000 foreclosures a month.
We're in a sad situation. Here's more.