Dallas Bank Foreclosures – Great Investment

by Simon Lindsay on cities

According to market reports, Dallas bank foreclosures have recorded an upward movement by almost 18% as compared to the foreclosure rates around the same time last year. In 2006, the rates went up by 15% as compared to this year, which shows a promising market for foreclosures for sale but a not so good situation for homeowners.

One person’s loss is another person’s gain. It may sound cruel especially when people are defaulting on their loans more than ever, which has caused this huge shift in the real estate market. But the good side of this is that an increase in the number of Texas bank foreclosures means that there will be more people who can buy these homes at a bargain price. Not a bad deal after all!

Let us take some facts and figures for the first quarter of 2007. There has been a definite increase in the number of foreclosure listings in Dallas Fort Worth as compared to other areas.

The primary reason behind the increase in Dallas bank foreclosures is the varying amount that most homeowners who have taken adjustable rate mortgages have to pay. This has considerably increased the number of foreclosure homes available in the state and the county.

Today, the increase in the number of Dallas bank foreclosures is being attributed to subprime loans. Real estate reports suggest that at the end of 2006, almost 4.5% of the subprime loans were heading for foreclosure as compared to 0.5% of prime loans. This has created a bigger repository of foreclosed homes that are being auctioned at bargain prices. As of date, Dallas has seen almost 14,307 foreclosures since the beginning of the year.