Commercial foreclosure postings in DFW decline 2%
Foreclosure filings on commercial properties in Dallas-Fort Worth fell 2% to 2,494 postings in the first nine months of 2011, down from last year's high of 2,547, a data analytics firm said Wednesday. The data released includes a nine-month period because the filing deadline has already passed for the upcoming foreclosure auctions to be held in September. Foreclosure Listing Service, which tracks foreclosures in Dallas-Fort Worth, said parties looking to acquire distressed commercial properties are finding great deals with third-party buyers on average paying 75 cents on the dollar for foreclosed properties. George Roddy, president of Foreclosure Listing Service, said 25% to 40% of all commercial foreclosures filed in DFW each month end up on the auction block. Of those auctioned off, the majority — approximately 90% — are repossessed by lenders, while the remaining 10% go to third-party buyers. “It’s funny, but many people don’t even realize you can purchase commercial properties at the foreclosure auctions," Roddy said in a statement. "But, I see some great deals at the auction. At the last auction, one buyer paid just 52 cents on the dollar for a small apartment complex in Dallas. The 11,000-square-foot complex was built in 1986 and has an assessed value of around $670,000, but the buyer only paid $345,000.” While foreclosure posting activity continued to rise within the industrial, office and retail building sectors, foreclosure activity declined when looking at apartments, land and miscellaneous buildings, Roddy said. Write to: Kerri Panchuk.