Ft. Worth Foreclosure Homes have climbed up the charts
Texas homeowners have been literally living a nightmare through 2007 and 2008 doesn’t seem quite promising either as there is no respite from Texas bank foreclosure homes. The last quarter of 2007 started with a bang as Texas foreclosure homes saw a new high with 36,140 filings. That is a lot of homeowners crying for mercy! The only good thing in this mess was that there was 18% decrease in the number of foreclosures as compared to the filings between July and September. The total number of filings in Texas was something to cry about as it hit 149,703 filings in 2007. In spite of such a high volume of homes in foreclosure, the rate was seen to have dropped by 4.57% as compared to 2006.
One of the metros that suffered quite a setback was Ft. Worth-Arlington. Ft. Worth foreclosure homes increased incredibly throwing things out of gear as many homeowners were left with nothing at all. Homeowners lost their money as well as the roof on their head. In the first two quarters of 2007, Ft. Worth bank foreclosures saw 13,221 homes getting added to the existing list of distressed properties. Although experts believe it was 10% less than the number of Foreclosure homes recorded in 2006 yet it was not a situation the state of Texas could be proud of. Tarrant County led the pack 1,348 homes reporting a bank foreclosure, which was seen as the highest ever since the real estate crash in the 1980′s. What the home owners are right now dealing with is the result of sub-prime mortgages and increasing rate of interest and it seems like there will be many more bank foreclosures in 2008.