Foreclosure Mercury Rising In North Texas

The Foreclosure market is hot, compared to the same time in the previous year both in the commercial and residential sectors in North Texas. In the four county regions $83 million worth of property will be up for auction on 7^th August. This includes South West Center Mall having 538 square feet of shopping area. It is uncertain however until the bell rings if any last minute settlements have been reached at to put on hold the sale procedure of the Sheriff.

In February Southwest Center Mall was posted for $13 million. It was saved from the monthly sale but returned in May with an $8.5 million dun from its lender Christiana Bank & Trust Company. The mall owner couldn’t be reached by the deadline leading to the inevitable. Forth Worth’s chief market observer, George Roddy, senior president of Foreclosure Listing Service Inc of Addison talking to GlobeSt.com, has provided the information. Roddy adds that H.George Schuler of McKinney purchased the mall in December 2005 from a lender who had foreclosed it in 2003. 72% of the mall was occupied. Appraisers assess the property near US Highway 67 and Interstate 20, to be $6.4 million.

The foreclosure listings of August across the region are 39% higher than last year, numbering 140. Breaking up the types it is noted that there was a decline in the industrial sector with 10 properties being listed. The others were apartment units, office spaces, industrial assets and miscellaneous ones like eateries, repair centers and duplexes.

In many years for the first time Tarrant County had the dubious distinction of outrunning Dallas County with 76 listings as against 53 respectively. Collin County had five and Denton six notices. In the previous years Tarrant and Dallas foreclosures numbered 45 with Collin having 4 and Denton 7 each.

Roddy points to the speculation that has been going on since the Barnett Shale fuel exploration. Notices on pieces of land went up by 8%. Among the upcoming auctions mortgages of six exceeded $100,000. One unit in Carrolton in Dallas County was tagged with $465,000. Roddy analyses that till date the commercial market has not been roped into the ‘pride of ownership’ courthouse sales. In the 80’s there was a class known as ‘A’. It is all ‘C’ now. This indicates that the commercial market is still holding fort and not bending towards foreclosures.

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