Monday, October 3, 2022

County continues to see uptick in foreclosures

Numbers from Foreclosure Listing Service, Inc. show a 5 percent increase in Denton County home defaults for the upcoming foreclosure auctions in August, with 561 postings filed, compared to 534 one year earlier.

Denton County had the largest gain in year-to-date home postings, with a 13 percent increase. So far this year, 4,923 postings have been filed threatening Denton County homes with foreclosure compared to 4,353 by this time last year.

“I remain concerned about this foreclosure crisis for a number of reasons,” said George Roddy, Sr., President of Foreclosure Listing Service, Inc.

“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. And, even though some recent economic announcements have been positive, I want to see improvement in the average family’s pocketbook, not just on paper.

“So many families are barely making their mortgage payment now. Even a small decline in pay caused by a temporary reduction in pay or perhaps time off because of an illness could prove devastating for some household budgets.”

Roddy added, “However, the old saying is true, ‘one man’s misfortune is another man’s gain.’  Although foreclosure brings heartache to the families that have lost their homes, there are buyers out there who are positioned to purchase these homes and benefit from the investment opportunity. That’s just the way it is.”

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