Strong economy behind huge drop in Dallas foreclosure filings

Think for a moment about what your home means to you. Maybe you bought it as a fixer-upper and made it your own with a little TLC. Maybe you started your family in your home. Perhaps your daughter took her first steps in the living room, or your son learned to ride without training wheels in the driveway. Maybe you crammed your whole extended family into the dining room that one Thanksgiving, and hosted neighborhood picnics in the backyard.

A home, for many people in Dallas, is much more than a roof over their heads. For many families, a home houses their most precious memories, and the idea of losing it is devastating. According to recent foreclosure data, however, it looks like fewer homeowners will be faced with that difficult event.

According to the latest numbers, foreclosure filings in the Dallas-Forth Worth area are down by 43 percent from one year ago. Currently, 2,100 homes in our area are facing some sort of foreclosure action. Just three years ago, three times as many homeowners were threatened by foreclosure.

Fortunately for many people in our area, the economy in North Texas has rebounded well, and home prices have continued to rise. While many homeowners have found ways to regain their financial footing, there are still some who are facing foreclosure today.

When you are facing foreclosure, it is easy to feel frustrated, defeated and overwhelmed. Foreclosures, however, are not always set in stone. If you think your lender wrongfully filed a foreclosure action against you, there are ways to challenge it. For others, bankruptcy offers a way to halt foreclosure while you work out a solution to your overwhelming debt.

Source: The Dallas Morning News, “D-FW home foreclosure filings down 43 percent for September auctions,” Steve Brown, Aug. 20, 2013