Dallas Foreclosures Increase 67% in November 2006
"After two consecutive months of decreasing activity, Dallas foreclosure filings spiked in November, surging 67% from the previous month and placing the city’s foreclosure rate back on top among five of the nation’s largest metropolitan areas, according to the RealtyTrac™ U.S. Metropolitan Foreclosure Market Report.
The eight-county metropolitan area reported 4,653 new foreclosure filings during the month, a foreclosure rate of one new foreclosure filing for every 286 households — 3.4 times the national average.
“These latest numbers are a complete about-face for Dallas, which over the past couple of months had been running counter to the nation as a whole in terms of foreclosure trends,” said James J. Saccacio, chief executive officer of RealtyTrac. “Dallas foreclosures took a major upswing this month, placing the city’s foreclosure rate back in top position among the five major metro areas we track each month.”
Dallas returned to the top spot, a position it had occupied for most of the year, replacing Chicago as the major metro area with the highest foreclosure rate. Foreclosure rates in Los Angeles, Philadelphia and New York also registered below the rate in Dallas."
provided by Realtytrac, 12/19/06
2 comments:
That's sad. I knew that Texas was having issues with foreclosures, but had no idea it had gotten that bad. I've considered a move to the area at some point and this actually makes me more interested in investing there in the near future, whether I make the move or not. Thanks for sharing the stats.
You bet! And, by the way, if you do move to Texas or you decide to pursue real estate investing, please let me know, as I am glad to be of service. There are a lot of great deals to be had here in Dallas and Fort Worth, it's just a matter of getting to them first!
Take care!
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