DFW residential foreclosure postings dip below 5,000 — again
Dallas-Fort Worth residential foreclosure postings dipped below 5,000 for the sixth month in a row, according to data from Foreclosure Listing Service. The company said 4,177 homes are posted for the upcoming October foreclosure auctions, a 17% drop from 5,026 a year ago. "Without a doubt, this is good news. But, I am still very guarded about the foreclosure market," said George Roddy Sr., president of the Addison, Texas-based firm. "I am not celebrating a turnaround yet.” Continued economic improvement is needed for the foreclosure postings to continue to drop, he said. Monthly postings have been below 5,000 for six months, with a low of 3,719 postings in May and a high of 4,774 in September. Although Texas' unemployment, at 8.5%, is one of the lower rates in the nation, it doesn't measure homeowners who have run out of unemployment benefits or don't qualify for unemployment benefits. Statistics also don't reflect the number of workers who are underemployed. "Even though postings are below the very highest end seen in this foreclosure cycle, posting activity still remains high," Roddy said. "Posting activity remains almost 300% higher than it was in 2000 when only 1,049 postings were filed for the 10th foreclosure auction of the year." At the September auctions, investors scooped up foreclosed properties in DFW for 19 cents to 77 cents on the dollar. "From the investment angle, it is amazing to see a home with an assessed value of around $102,000 being purchased on the courthouse steps for just $19,500,” Roddy said. Write to Kerry Curry. Follow her on Twitter @communicatorKLC.