Recent headlines show that Dallas is ranked 11th among the nation’s largest cities for 2012 foreclosures. According to the researchers at CoreLogic Inc., home foreclosure rates in Dallas and Texas in general continue to fall and are approximately one-third of the nationwide rate. Of the almost 767,446 foreclosures in 2012, only 56,763 came from Texas and 11,273 originated from Dallas. Compared to the previous year, foreclosure rates are 20 percent lower.
How Dallas Established the Trend
Only two months into 2013, foreclosure rates in Dallas are already down an astonishing 40 percent, according to the Foreclosure Listing Service. While Dallas may be improving its own statistics, other cities such as Atlanta and Phoenix face nearly three times the number of foreclosures. While the economic strength of Texas is to be commended, the guidance that bankruptcy attorneys and bankruptcy lawyers have provided should be recognized as well.
When individuals or families face delinquent payments, the choice between a foreclosure and a bankruptcy becomes a central consideration. Since a house is the largest financial investment for most people, filing for bankruptcy is an available option to stop a looming foreclosure. Of course, bankruptcy is only one factor to be considered in the trend. Homeowners in Dallas are generally feeling optimistic about financial conditions and some report experiencing financial improvement.
Combined, these factors have helped Dallas accomplish a 1.29 percent foreclosure rate compared to the 3.06 percent nationally. Bankruptcy attorneys in Dallas encourage homeowners to avoid foreclosure by staying on top of mortgage payments. When this becomes an issue, delaying foreclosure and bankruptcy become viable options to get out of debt. Regardless of the situation, Dallas foreclosure rates continue to improve and homeowners should continue seeking advice from finance professionals.