Home foreclosure activity is picking up across North Texas as the market returns to more normal conditions following the lowest level of filings in decades...
Residential foreclosure filings have risen 40% from July to August and are almost double the number seen at this time last year.Foreclosure activity in North Texas has been steadily climbing since the end of pandemic-related federal restrictions last year. Now, as homes on the market are taking longer to sell, more foreclosed homes are headed to auction.
Homes are sitting on the market longer than they did at the start of the year, and more sellers are finding they need toto get them to sell. As a result, it has become much harder for homeowners facing foreclosure to sell before the auction deadline, said Curtis Roddy, chief operating officer of Foreclosure Listing Service.
“While there’s still a lot of equity in some of these houses, we’re just not seeing people being able to sell them before the auction as quickly.”In the first eight months of 2022, 4,740 homes have been filed for foreclosure in the major North Texas counties.
As of Monday, residential foreclosure filings have risen 40% from July to August in major North Texas counties. “We expect that foreclosure postings are going to increase gradually; I don’t think we’re going to see a 40% increase every month, though I would expect to see foreclosures increase going into 2023,” Roddy said.
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