The number of Dallas home foreclosures listed for the March public auctions rose again after falling the previous month, according to data from an Addison-based real estate information provider.
A total of 5,548 homes in the Dallas metro area were listed for the March auctions, higher by 30 percent compared to March last year and higher by 18 percent compared to listings for the February auctions.
In contrast, the number of houses posted for the February auctions was 4 percent lower than the number posted for February 2009, the first time the number of properties dropped on a yearly comparison since October 2007.
In all the counties that make up the Dallas metro area, foreclosure filings for the March auctions increased compared to postings for March last year. In Tarrant County, postings increased by 37 percent to 1,834. Collin and Denton posted the same percentage of increase, which is 34 percent, while Dallas County posted a 23 percent increase. Collin, Denton and Dallas counties posted 721 filings, 649 filings and 2,344 filings, respectively.
All in all, in the first three months this year, the number of Dallas home foreclosures posted for foreclosure auctions totaled 16,137 units, marking a jump of 22 percent from the first quarter of 2009, but down by 4 percent compared to the final quarter last year.
Of the foreclosure properties scheduled for public auction each month, less than 50 percent are sold. Many of the properties are saved before the auctions are conducted as homeowners try their best to negotiate loan restructuring with their lenders. In other cases, homeowners voluntarily surrender their homes to the lenders to avoid foreclosure and protect their credit scores.
Meanwhile, another study reported that the pace of home foreclosures in Texas in January this year slowed down by 11.5 percent to 12,225 filings compared to the previous month, although the pace was still higher by 25.3 percent compared to January 2009.
One out of every 785 households across Texas was notified of default or foreclosure, putting Texas 27th in a chart of states with the highest intensity of foreclosure activity. Out of the more than 12,000 homes put into the foreclosure process, 6,171 units were notified of trustee sale and another 6,036 units were repossessed by lenders.
For the public auctions scheduled in March this year, out of the 5,548 Dallas home foreclosures listed, housing officials hope that a huge percentage will be rescued before they are auctioned off.