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OFFICIAL MAGAZINE OF THE NATIONAL ASSOCIATION OF REALTORS®

Daily Real Estate News  |  October 17, 2005  |   Dallas-Fort Worth: Big Foreclosure Rise Seen Home foreclosures in the Dallas-Fort Worth metro area have increased 44 percent through October over the same period last year, according to Addison, Texas,-based Foreclosure Listing Service Inc. Foreclosures rose 4 percent in October with a total of 2,687 properties listed for possible foreclosure. Texas foreclosures are higher than national rates, which in September was 1 percent for all one-to-four unit residential properties, according to the Mortgage Bankers Association. National rates one year ago were 1.18 percent. George Roddy Sr., Foreclosure Listing Service's president, blames loose lending practices, especially 110 percent and higher financing, for the abnormally high number of properties reverting back to lenders. With these types of loans, which require no equity investment by a buyer, “the owners are upside down in their mortgages,” says Roddy. "When something happens, the first thing people do is sell their homes. If they can't do that, they just walk away." —By Bridget McCrea for REALTORŪ Magazine Online

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