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Foreclosures in Dallas-Fort Worth fall

September 7, 2010 - The number of Dallas homeowners relocating because of foreclosure decreased over the first half of this year.

The first half of 2010 brought 8,800 foreclosures in the Dallas-Fort Worth metropolitan area, reported the Dallas Morning News. That was 5 percent lower than the number of homes that were foreclosed on during the first half of 2009 and 20 percent lower compared to the first half of 2008. In fact, it was the lowest number of foreclosed homes for the area since the first six months of 2007, said the report.

However, experts remain unsure if the drop in foreclosure could be tied to a strengthening housing market and improved moving activity.

"If the slowdown is due to the mortgage modifications, then that's showing that there are not a whole lot of loan reworks going on now," George Roddy, president of Foreclose Listing Service, told the paper. "My question is, are we done with the worst of the foreclosures or is there more to come?"

Additionally, some expressed concerns that the drop in foreclosures could be tied to mortgage lenders who are reluctant to add to the growing glut of repossessed properties. That shadow inventory was a major reason that Fannie Mae recently issued guidance that would penalize lenders who took too long to process foreclosures.

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