Dallas Foreclosure Sales Offers Hope to Many

by Donald Hanz on cities

The great American dream includes owning your very own home. But with the tightened lending guidelines and weak economy, it is not surprising that many individuals and families have lost hope. Fortunately, there are great opportunities offered by Dallas foreclosures, allowing anyone to fulfill their dream without costing them much.

In the midst of a widespread housing crisis, most markets are showing an increase in sales activity involving these foreclosure homes. More and more buyers are flocking to foreclosure auctions, eager to see whether they could own their dream home at an affordable price.

Of course, these Dallas foreclosures did not disappoint them.

In one foreclosure auction held at the Dallas Convention Center, first time buyers had the chance to bid on over 200 foreclosure properties, located in North Texas. The lucky bidders were able to save so much that they simply could not believe their luck.

Most of the sellers were banks or lending institutions and were desperate to clear off their inventory of Dallas foreclosures. For this reason, they are willing to give huge discounts in order to attract more potential buyers.

In addition to individuals and families looking for their first home, there are also the investors who are hoping to grab these foreclosures and earn a considerable profit by treating them as fixer-uppers. Once fixed, they could choose to sell them once more or simply lease them. Taking advantage of such great investment opportunities offered by these foreclosed houses is certainly understandable.

As of September, the national foreclosure rate has dropped by 12.48 percent from August but rose 20.98 percent from last year. There is currently one filing for every 475 homes.

Texas came in at the 24th spot among the states with the highest foreclosure rate, with one foreclosure filing for every 1,003 homes.

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