Saturday, November 26, 2022

County foreclosures reach new record high

Residential foreclosure posting activity reached a new record high in Denton County with 715 postings filed for the upcoming foreclosure auction on July 6th.

“This was only the second time that I have seen Denton County’s monthly postings top 700,” said George Roddy, Sr., President of Foreclosure Listing Service, Inc.

Denton County residential foreclosure postings have been on the high side for quite some time.  For the last 16 consecutive months, postings of homes in Denton County have exceeded 500 per month. 

In seven of the past 13 months, monthly posting levels have topped 600 and surpassed 700 in two of those months with a new record high for the upcoming auction in July.

“Not all of the properties posted for foreclosure are auctioned off,” said Roddy.

“Generally, 30 to 40% of the postings filed are auctioned off at the first Tuesday foreclosure sale.  While most of those are repossessed by the lender, about 10 to 15% are purchased at the auction by individual buyers and investors.”

So far this year, Denton County has experienced the largest gain in foreclosure posting activity among the four counties surveyed in North Texas. 

With a 14% increase in postings and a new seven-month record high set, 4,362 home foreclosure notices have been filed so far this year in Denton County compared to 3,819 by this time last year. 

“I remain concerned about this foreclosure crisis for a number of reasons,” Roddy said. 

“Foreclosures are a lagging economic indicator. This means that significant and sustainable improvement must be made among the leading economic indicators, such as employment, before we see a long term turnaround in the foreclosure market.”

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