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Collin County foreclosures down for May
By Danny Gallagher, dgallagher@acnpapers.com
Fewer foreclosed homes from Collin County will appear on the auction block next month.
Foreclosures saw a noticeable drop for the May auction period for both Collin County and the rest of the Dallas-Fort Worth area, according to data tabulated by the Foreclosure Listing Service of Fort Worth.
The number of foreclosed homes for Collin County dropped by 17 percent from the previous month and 9 percent from the same timeframe in 2009. Collin County still has more foreclosed homes on the auction block than the same time period in 2008, representing an increase of 31 percent, according to FLS data.
However, Collin County only had the second-lowest decrease in home foreclosures for the month. Dallas County saw a 15 percent increase from May of 2009 followed by Tarrant County with 12 percent and Denton County with 6 percent.
FLS Senior President George Roddy noted, however, that even though the numbers look good, this is one month out of a shaky and unpredictable housing market.
"This decline is welcomed news, but I must warn that one month's activity does not change a long-established trend," Roddy said. "Home postings have been on the high end for some time now. In fact, for the past 16 consecutive months, monthly posting activity has topped 4,000 each month.
"This one month of reprieve will not soften the heartache felt by the estimated 1,950 families that will be forced from their homes in May by the foreclosure gavel," Roddy added. "To be forced to leave your home is one of the most devastating moments in a family's life, especially in the American society where we have so much pride in home ownership."
Roddy said the latest news might be encouraging, but overall trends will determine the strength of the housing market.
"A more important factor to watch is the same month comparison from one year to the next," Roddy said. "Over the last year, May's residential posting activity in the Metroplex dropped 12 percent. This too is welcomed news, but does not warrant a happy dance. I will be watching the next few months very carefully. Literally, we need to take it a month at a time."
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