Rates Of Fort Worth Foreclosed Homes Climb

For September 2009, 5000 foreclosure notices were served on homeowners in the Fort-Worth area

, meaning that the number of Fort-Worth foreclosed homes jumped 35% when compared with September 2008. In September 2009, the area saw lenders file for 15,880 foreclosures, while in September of 2008 only 12,050 were filed. Although those numbers are lower than in July 2009, the number of foreclosed homes in the area remained high in the early autumn of 2009. During the first nine months of 2009, the Dallas/Fort-Worth saw the number of foreclosure homes jump 20% over the same time the previous year. In 2009, 45 000 filings for foreclosure were made in the first nine months of the year alone.

Financial analysts say that some of these foreclosure filings are in fact foreclosure homes that have already been on foreclosure listings. As lenders have negotiated with homeowners to stop foreclosure, they have in some cases had to re-file a foreclosure notice to begin the process again where an agreement could not be reached. A moratorium imposed on all Freddie Mac and Fannie Mae loans was imposed earlier this year, requiring lenders to give homeowners a second chance in renegotiating the terms of their loans. However, while the moratoriums created ups and downs in the foreclosure market and helped some homeowners keep their homes, experts note that despite the new policies, the Fort Worth area is still seeing many foreclosed properties.

Between 2000 and 2009, foreclosure listings in the Dallas Forth Worth area have quadrupled. During the first nine months of 2000, only 9,976 homes in the region became foreclosure properties. Experts note that a weakening real estate market and job losses in the area and across the country have had their impact on Fort-Worth foreclosed homes over this decade. Currently, the foreclosure market in the region is very much a buyers market, but experts predict that the number of foreclosures will eventually decline, leading to higher property values, higher prices, and a more modest selection.

by: Joseph Smith

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