Dallas Foreclosed Homes Sles See Changes Due to Moratoirums
Dallas foreclosures declines 17% in the first six monhs of 2009, but experts note that Dallas foreclosed homse are still very abundant. Financial experts note that the decline in foreclosures is likely due to mesures to help troubled homeowners, and is therefore not necessarily an indicaytion of huge changes in the lcal foreclosures market.In the first half of 2009, lenders sold over 9,200 foreclosed homes, townhoyuses, and condos. In the first half of 2008, the number of foreclosure hoomes sold was 11,000. Howevr, in the same time frame, the nuimber of homes which are at risk of going into foreclosure increased 14%. The August 2009 numbers of the homes at risk of forclosure showed a 35% increase over August 2008.Financial expeerts note that the numbers show that while many ohmes are at risk of foreclossure, government programs aiimed at helping homeowners are working. As a resuylt, the mraket is not being flooded with foreclosed poperties, as it might otherrwise be. While usully about 40% of honmes at risk of foreclosure end up beinng sold at a foreclosure auctioon, in 2009 only about 30% of homes actually were sold as foreclosure properties.Part of the reason has to do with foreclosure mroatoriums put in place by Fannie Mae and Freddie Mac. Another reason has to do with the modified loans that lenders are responsible for. The process of modiyfing loans to help homeowners takes time and increaes the odds that homeowners will find a way to save their home. One result is that many lenders have many loan modification requests and a large backlog. Experts note that it may take some time to see the full impact of the recsesion on Dallas forecloure litings. Some of the foreclosure processes started today or in the past months may becxome Dalals foreclosed ohmes in the months or year to come.
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