Collin County Foreclosures up 30%, so far this year

Real Estate Agent with Common name, Uncommon service - Smith & Smith Realty, LLC
F is for foreclosure     is for Foreclosure...

Foreclosure postings are up 14% for the whole North Texas Metro area

What does that mean if you are in the market for buying a home? 

Some really good news,  if you are willing to do some repairs and put in some extra elbow grease to bring the home up to the neighborhood standards.

The largest increase for foreclosed properties is Collin County - 428 postings for June, up 30%!  Here's a run down of the other North Texas Counties:

County            Postings          Change
Dallas                  1733               +10%
Tarrant                 1188               +19%
Denton                  386               +23%
Rockwall                 64                +8%
D-FW area           3735               +16%

It seems when anyone is looking to buy a home, you always want to know if any foreclosures are available. Thinking that you can make a real good deal and have some instant equity.  Well, that is definitely the case in this market.

The process is different from dealing with a seller.  You are usually dealing with a lender and a real estate broker that only deal in real estate owned properties.  All lenders deal differently, so be sure you work with an experienced Realtor on the buying side of the transaction.  The process is much different.

All together in the Dallas Ft Worth area - 21,000 homes have been posted for foreclosure the first 6 months of the year.  This is still the fall out of adjustable rates mortgages higher energy costs and rising property taxes.

As Realtors, we see this trend continuing till first quarter 2008 and beyond.  In Plano neighborhoods the increase is very evident in all neighborhoods, so instead of a neighborhood having no or one foreclosure there might be 2 or 3.  They are worth a look see!


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Jerold and Terry Smith

Plano Texas Real Estate
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