Submitted by Anonymous on Sun, 10/21/2007 - 05:00.
Denton Texas foreclosures rates continue to rise
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Denton County foreclosures as of mid-2007 were the 9th highest among 10 counties in the Dallas-Fort Worth region. This is a 9-percent increase over last year.
The 10-county region includes Dallas, Tarrant, Collin, Rockwall, Ellis, Johnson, Grayson, Parker and Kaufman. Parker County tops the list with a 56-percent increase from 160 mid-2006 to 249 mid-2007.
Second and third consecutively are Ellis, with a 43-percent increase, and Collin, with a 33-percent increase. Johnson County reported the lowest foreclosure rate with only a 2 percent decrease of 326 mid-2007 vs. 334 the same time last year.
Market changes are affecting the number of foreclosures include companies planning layoffs as part of the Worker Adjustment and Retraining Notification or WARN Act, according to the weekly report from the Texas Workforce Commission.
Since July, at least 5 mortgage companies have filed notices of intent to lay off more than 450 employees in the lending industry.
It is predicted there will be another 12 to 18 months of expected foreclosures in the region.
Cities with the highest foreclosure increases in Denton County are areas where new subdivisions were built in the past five to six years. These include Highland Village, up 55%; Krum, up 79%; Sanger, up 62%; Oak Point, up 50%; and Pilot Point, up 69%.
Other growing communities are showing increases in foreclosures including Lantana, up 25%; Prosper, up 48%; and a portion of Frisco, up 35%.
The averaged assessed value of homes posted for foreclosure during the first half of 2007, has not been middle price-ranged homes, but higher-end homes, at $500,000 and up in four North Texas cities.
The highest average assessed value of homes posted for foreclosure was $677,750 in Bartonville and the second highest average was $559,760 in University Park.
In the Dallas-Fort Worth areas as a whole and for Dallas, Tarrant, Collin and Denton counties, at least 90% of foreclosure postings were valued up to $250,000.
Records show that foreclosure postings of homes valued at $250,000 to $500,000 rose 35%; homes from $500,000 to $1 million rose 64%; and homes valued at $1 million and up rose a whopping 83%.
Source: http://www.dentonrc.com/sharedcontent/dws/drc/localnews/stories/ DRC_Foreclose_10-21.18ed900b4.html
The 10-county region includes Dallas, Tarrant, Collin, Rockwall, Ellis, Johnson, Grayson, Parker and Kaufman. Parker County tops the list with a 56-percent increase from 160 mid-2006 to 249 mid-2007.
Second and third consecutively are Ellis, with a 43-percent increase, and Collin, with a 33-percent increase. Johnson County reported the lowest foreclosure rate with only a 2 percent decrease of 326 mid-2007 vs. 334 the same time last year.
Market changes are affecting the number of foreclosures include companies planning layoffs as part of the Worker Adjustment and Retraining Notification or WARN Act, according to the weekly report from the Texas Workforce Commission.
Since July, at least 5 mortgage companies have filed notices of intent to lay off more than 450 employees in the lending industry.
It is predicted there will be another 12 to 18 months of expected foreclosures in the region.
Cities with the highest foreclosure increases in Denton County are areas where new subdivisions were built in the past five to six years. These include Highland Village, up 55%; Krum, up 79%; Sanger, up 62%; Oak Point, up 50%; and Pilot Point, up 69%.
Other growing communities are showing increases in foreclosures including Lantana, up 25%; Prosper, up 48%; and a portion of Frisco, up 35%.
The averaged assessed value of homes posted for foreclosure during the first half of 2007, has not been middle price-ranged homes, but higher-end homes, at $500,000 and up in four North Texas cities.
The highest average assessed value of homes posted for foreclosure was $677,750 in Bartonville and the second highest average was $559,760 in University Park.
In the Dallas-Fort Worth areas as a whole and for Dallas, Tarrant, Collin and Denton counties, at least 90% of foreclosure postings were valued up to $250,000.
Records show that foreclosure postings of homes valued at $250,000 to $500,000 rose 35%; homes from $500,000 to $1 million rose 64%; and homes valued at $1 million and up rose a whopping 83%.
Source: http://www.dentonrc.com/sharedcontent/dws/drc/localnews/stories/ DRC_Foreclose_10-21.18ed900b4.html
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