The Residential Real Estate Crash Index Message Board

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Strategies & Market Trends : The Residential Real Estate Crash Index

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From: CalculatedRisk	8/18/2006 1:47:20 AM
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Foreclosures soar in North Texas More losing houses because of poor planning, rising expenses dallasnews.com More and more North Texas homeowners are in big trouble. Residential foreclosure postings are at record levels – up 30 percent from a year ago. More than 3,800 houses are threatened with foreclosure next month in the Dallas-Fort Worth area. And for the first nine months of 2006, more than 28,000 home foreclosure postings have been recorded. "This is bringing back nightmares of 1988 and 1989," when thousands of Texas homeowners lost their properties during a regional recession, said George Roddy, president of Addison-based Foreclosure Listing Service. "The average number of postings in 1989 was about 2,000 a month," Mr. Roddy said. "And that is when we saw a massive devaluation of residential properties in some areas." Housing analysts worry that if foreclosure rates stay at current levels, the overall housing market will suffer. This time, however, instead of a recession, poor financial planning and rising living expenses appear to be putting record numbers of North Texans out of their homes. <MORE>

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