Dallas Foreclosed Homes Sales See Changes Due to Moratoriums
Dallas foreclosures declines 17% in the first six months of 2009, but experts note that Dallas foreclosed homes are still very abundant. Financial experts note that the decline in foreclosures is likely due to measures to help troubled homeowners, and is therefore not necessarily an indication of huge changes in the local foreclosures market.
In the first half of 2009, lenders sold over 9,200 foreclosed homes, townhouses, and condos. In the first half of 2008, the number of foreclosure homes sold was 11,000. However, in the same time frame, the number of homes which are at risk of going into foreclosure increased 14%. The August 2009 numbers of the homes at risk of foreclosure showed a 35% increase over August 2008.
Financial experts note that the numbers show that while many homes are at risk of foreclosure, government programs aimed at helping homeowners are working. As a result, the market is not being flooded with foreclosed properties, as it might otherwise be. While usually about 40% of homes at risk of foreclosure end up being sold at a foreclosure auction, in 2009 only about 30% of homes actually were sold as foreclosure properties.
Part of the reason has to do with foreclosure moratoriums put in place by Fannie Mae and Freddie Mac. Another reason has to do with the modified loans that lenders are responsible for. The process of modifying loans to help homeowners takes time and increases the odds that homeowners will find a way to save their home. One result is that many lenders have many loan modification requests and a large backlog. Experts note that it may take some time to see the full impact of the recession on Dallas foreclosure listings. Some of the foreclosure processes started today or in the past months may become Dallas foreclosed homes in the months or year to come.
About the Author
Joseph B. Smith has been educating buyers on the finer points of Dallas Foreclosed Homes Sales for over five years. Visit ForeclosureDeals.com and read more advice on finding information about Foreclosures.
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