The number of Dallas-area completed home foreclosures has fallen by 22 percent in the last year, according to new data from CoreLogic Inc.
During the 12-month period ending in October, only 5,845 Dallas-area homes were sold by lenders in foreclosure.
That’s the 10th largest foreclosure volume in the country among major cities CoreLogic surveyed.
Home foreclosure totals in the Dallas area are less than half of what they were in 2011, according to CoreLogic.
Nationwide home foreclosures were down 26.4 percent in October and are 65 percent lower from the peak of completed foreclosures in September 2010.
“The foreclosure inventory is less than 2 percent and seriously delinquent loans are trending lower right now,” said Anand Nallathambi, president and CEO of CoreLogic. “At current rates, we can expect the foreclosure inventory to slip below 500,000 units during 2015.”
The number of homes threatened with forced sale by lenders in North Texas fell to the lowest level in 13 years in 2014. Foreclosure filings for the year are down 34 percent from 2013 levels.
Not all homes scheduled for foreclosure each month actually sell at auction. Many times the foreclosure is delayed while the borrower and lenders negotiate or reach other agreements.
CoreLogic’s report details completed foreclosures.
Reference: Dallas Morning News
