Foreclosures down in Dallas area

Recently, some statistics were released which indicate a couple of encouraging trends regarding foreclosures in the Dallas area. The statistics are from the company CoreLogic.

The first thing that the statistics indicate is that foreclosures are going down in the Dallas area. According to CoreLogic, in October of this year, the foreclosure rate in the Dallas area was 1.29 percent. This reportedly is 0.33 percentage points lower than the rate the area had in October 2011 and is the lowest rate the area has had in over three years.

Another thing that the statistics indicate is that the level of foreclosures that the Dallas area currently has is low as compared to the rest of the nation. In October of this year, the foreclosure rate of the nation as a whole was 3.06 percent. Thus, the Dallas area’s foreclosure rate is nearly two percentage points lower than the national average.

These statistics give rise to some interesting questions. What is causing the trends of falling foreclosure rates and low foreclosure rates as compared to the rest of the country in the Dallas area? Do these trends indicate that homeowners in the Dallas area generally have experienced an improvement in their financial condition as of late? Or do they indicate something else? Will the Dallas area continue to experience these trends in upcoming months? One wonders what the answers to these questions are.

Foreclosures can be extremely impactful on homeowners. Thus, if a person is facing the possibility of foreclosure, he or she may wish to consider seeking advice from an attorney to see what options are available to him or her.

Sources: The Dallas Business Journal, “Dallas-area foreclosure rates decline, trend lower than national rate,” Candace Carlisle, Dec. 20, 2012; The Dallas Morning News, “Dallas-area late loan payments fall to lowest percentage since recession,” Steve Brown, Dec. 20, 2012