Foreclosure Rates Decline in DFW

Driving around neighborhoods reveals “For Sale” signs on what seems like every street. There are plenty of homes that are available for lease, as owners are moving out to rent their home in hopes of making money to cover their high mortgage payments. The local housing market has been struggling for a few years, and people have been trying to keep their heads above water in this economy. But a recent trend has some people raising their eyebrows in anticipation of change.

The Rise of Hopes as Rates Fall

Dallas-Fort Worth foreclosure rates continue to drop for the fourth straight month, according to the real estate research firm Foreclosure Listing Service. Compared to a year earlier, the number of foreclosures reported during the first five months of the year is lower than in previous years. Many people are hopeful this indicates a change in the wavering local market, others aren’t as optimistic. “We are getting closer, but even a small change in market indicators, consumer confidence or lien holder policy could trigger a reversal,” says George Roddy Sr., president of the real estate research firm. The longstanding trend of fluctuations in foreclosure rates has some concerned that this is just another drop to be followed by another rise.