Foreclosure Pace Drops Without Raising Hopes

The recent trend of foreclosures slowing down seems to be localized and does not point to any substantial change in the trend.

In October the number of properties going up for auction in Tarrant County will be less than hitherto. But in Dallas Fort-Worth the wind blows as before with foreclosures peaking to 40,000 this year – a record of sorts. These are according to figures released by reliable online data collecting services. George Roddy, president of a company based in Addison said this is going to be the highest number of residential units on the foreclosure lists since about the last 27 years. A low roll call here and there does not point to a change in the trend that has been swelling up since the last five years – is the cautiousarning of Roddy. Undoubtedly at some point the speed is slackening but the end of the tunnel is still a long way off.

Figures never lie but the analysis can be different. Foreclosures in Tarrant County numbered 1,001 for 4^th October. This was a 6% fall as compared to the same period in the previous year.

For the first 10 months this year Tarrant County foreclosures were 10,927. This was 12% jump over what it was last year.

In the four counties of Tarrant, Dallas, Collin and Denton the number of foreclosures listed were 34,35 – 10% rise as compared to 2006.

Seven years ago in 2000 during the first 10 months there had been only 11,000 foreclosure postings in these aforesaid counties.

The foreclosure debacle is a fall out from the melting down of the sub-prime market that had been specifically created to help those with shaky credit history to own a house. The focus was on the minority, low and middle income group. It was a laudable effort to make the great American dream of privately owned property become a reality for not just a few but for all and sundry. The introduction of the scheme had been greatly applauded by way of positive votes but today that very base is disgruntled and moving away as the dream is becoming a nightmare. Like a house of cards one by one houses bought under the sub-prime category are falling – leaving behind abandoned and desolate neighbourhoods. Predatory lending is being blamed for this. This is leading to a snow balling effect on the socio-economic structure of the country.

Related Posts

• Hop Skip And 75% Foreclosure Jump For Greensboro
• Grim Foreclosure Increases in Mecklenburg
• Foreclosures Rampaging through Long Island
• Lenders Have Helped Borrowers
• It Is Now Connecticut Facing Foreclosure Eruption Never Before In History!