Last Thursday, Addison based Foreclosure Listing Service Inc. has come up with its latest report which showed that in the last six years, this is the first instance when the number of postings of commercial foreclosures in Dallas-Fort Worth region has dropped.
This year, Denton County experienced a drop of 29% in postings compared to 2010. The report revealed that the number of commercial foreclosures in Collin, Denton, Tarrant and Dallas counties moved down by 14%.
President of this company, George Roddy Sr. said that the number of postings for foreclosure in Denton County is lower than that in Tarrant and Dallas counties because the number of houses in Denton County are much less compared to the other two counties. The number of foreclosure activities in Dallas County moved down by 5% and Tarrant County dropped by 13%.
Roddy said, “The fact is that any downward trend is better than what we’ve seen in previous years. ”
He also added that the drop in the rate of foreclosure activities throughout the regions of North Texas reflects a positive sign of the economic improvement of the region and the economic improvement of this region is much better than the other areas of the country. Moreover, Roddy said that the rate of employment is also improving in this region, which plays a vital role in the improvement of the economy.
He said, “It’s an ongoing trend that we’re seeing. That we’re seeing less commercial properties being posted for foreclosure and even less being foreclosed. ”
In 2011, the buildings and retail centers of Denton County have experienced the maximum drop in foreclosure postings. Only 23 buildings in this county were up for foreclosure this year which is lower by 44% when compared to last year.
He said, “Retail was one of the first that got hit as far as a downturn. Retail had taken some punishment in prior years. It’s basically on the rebound—that’s why we’ve seen a decrease in the numbers overall in the retail centers. The occupancy is starting to move up. ”
The maximum increase in postings of foreclosure was experienced by apartment buildings. He stated that Denton County posted 25 buildings for foreclosure and the region experienced a 79% increase in the rate of foreclosure postings, which is different from the trend that the three other counties followed. According to his explanation, the difference in trend for this county may be an outcome of the many old apartments in the area or just an incongruity.
Karen Anne, has been working on ForeclosureWarehouse.com studying the foreclosures market, helping buyers on the finer points of foreclosures for sale . Try to visit ForeclosureWarehouse.com and search foreclosed homes .