Foreclosures are going down! It's true! It was on the news last night, and I had to pause the TiVo to make sure I wrote down the numbers correctly.
The Dallas/Ft Worth Metroplex area had a 16% DROP in foreclosures compared to last year. WOW! They compared this to the National foreclosure rate that INCREASED 57%. That is a huge difference.
To put the number into perspective, approximately 10,700 houses started the foreclosure procedures last month.
For those of you who follow my blogs, this just reiterates what I keep saying, that it doesn't make sense to compare your local market to the National market if the facts show different results.
Remember, I work all of North Dallas County and Collin County including Richardson, Plano, Allen, Frisco, Carrollton, Garland, Rowlett, McKinney, etc... my car will take us anywhere you need to go!!
ARE YOU PACKED YET?!
Well, I home that DFW is the beginning of a national trend! Here in SW Florida, it appears that the crest is yet to come, but it is sure encouraging to know that other areas are pulling out of it. Our numbers are better in one regard....inventory measured in "months of supply" has begun to diminish because buyers are snapping up some of the most rediculous offerings in the market. Last year this time, nobody was buying anything at any price.
So good luck, DFW!
I think one of the reason that foreclosure rates are declining is that lenders are now much more ready to work out things with their customers. I've heard more than one account of someone calling their mortgage company and behind on things and rather than doing a refi, the lender does a modification of terms.
Option One, one of the larger lenders during the sub prime heyday has ceased new loan operations all together and are ramping up on the home retention side of things to work files and such to help keep people in their homes.
Jim, I hope things start to turn around in Florida as well. I'm surprised all those "vacation" condos aren't doing well.
Ron, I agree. Many lenders are working with people and trying to help them stay in their homes.
Greg, The actual foreclosure rate is down because of what Ron said, as the banks are working with people. The number of properties that start the foreclosure procedure are probably not down.