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2010-11-26 11:04:33

Free Foreclosure Homes Listings Showed Significant Rise in Denton

 

For homebuyers examining free foreclosure homes listings, one area of Texas that they might see in the lists more often than other local locations is Denton County. This can be attributed to the fact that home foreclosure postings for the county have risen in 2010 compared with 2009 totals.

Foreclosure postings for the area totaled over 7,400 for the whole 2010, representing around 10% of increase when compared with the 2009 total foreclosure postings of 6,763. For the month of December alone, foreclosure-related filings in the county reached a total of 687, which translates to a 29% increase when compared with the 533 recorded in December of last year. The figures were provided by foreclosure property-tracking company.

Ten-year period data for Denton showed that foreclosures have continuously risen in the county since 2000. When foreclosure totals for 2010 are compared with 2000, the increase is a whopping 773% since Denton only had 851 foreclosure postings at the beginning of the decade.

Most free foreclosure homes listings in the state have multiple Denton properties listed in them, particularly for the current year when the total is at its highest. According to housing market analysts, Denton might have the highest foreclosure postings total, because it was one of the local housing markets in Texas that enjoyed significant growth in the past decade.

This, analysts have stated, means that more properties were sold and bought in the county during the ten-year period, which also provided a bigger supply that can potentially fall into foreclosure. They added that majority of foreclosures hitting the market in 2010 were properties with mortgages originating in 2005 or 2006.

Real Estate experts have stated that this could mean further increases in the coming months as the market has yet to work through majority of the mortgages originating in 2007 onwards. They added that unemployment and decreased household income also play their role in bringing the foreclosure totals higher. Analysts have stated that, unless unemployment rate is brought down to a manageable level and consumer confidence improved, more properties will appear in free foreclosure homes listings in the coming months.

 

Resource: http://www.foreclosureconnections.com/blog/article/1952/free-foreclosure-homes-listings-showed-significant-rise-in-denton

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