Dallas Foreclosures Broke Record for the Second Time

by Simon Lindsay on cities

The number of Dallas foreclosures posted for the April foreclosed home auctions this year broke the record number of foreclosures posted for the July 2009 auctions, based on data from a Texas-based real estate research company.

For the April auctions this year, a total of 6,168 foreclosure filings were posted, the second time total filings exceeded 6,000. The first time filings surpassed the 6,000 level was in July 2009 when a total of 6,072 foreclosures were filed.

The April filings also marked an 18-percent increase from the April filings last year and set foreclosure records for the counties of Dallas and Tarrant.

According to analysts of foreclosures for sale in Texas, delinquencies and foreclosures will continue to happen in the Dallas area and in other parts of Texas despite the fact that Texas cities and counties are among the areas expected to recover more quickly from the recession.

The state of Texas has consistently been among lists of U.S. states with strong economic fundamentals, enabling them to survive the adverse effects of foreclosure. Texas has a diversified economy and leads other states in many industries, such as energy, petrochemicals, aerospace, biomedical sciences, computers, agriculture and high technology.

Texas also leads the country in exports and ranks second in a ranking of the 50 U.S states based on gross state product.

Among the counties that comprise the Dallas metroplex, Rockwall County has been contributing a significant percentage of postings to the total number of Dallas foreclosures posted for the April auctions.

In Rockwall, 97 homes were listed for the April auctions, the 10th month over the past 13-month period that the county posted more than 80 foreclosures. It was also the seventh month that Rockwall posted more than 100 filings. The first time more than 100 foreclosures were filed was in July 2009 when 133 homes were posted for the auctions.

Over the past 12 months, foreclosure filings in Rockwall for the month of April jumped up by 7 percent from total postings for the April 2009 auctions. Compared to postings for the April 2008 auctions, foreclosures for April this year increased by 35 percent.

Just like the state of Texas, the city of Dallas is also among the most economically strong cities in the nation. Despite the continued entry of Dallas foreclosures into the market, the city is able to handle them because of its strength in various industries such as oil, banking, transportation, telecommunications and computer technology.