Dallas Foreclosures Surging in High-End Communities

by cassy82 | December 17, 2009 at 08:02 am

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Dallas foreclosures have been soaring in high-end neighborhoods over the past several months. This year, the number of homes in the $1-million price range that faced foreclosure this year increased by over 20 percent.

Dallas foreclosures have been surging in high-end communities over the past several months, according to reports from a Texas-based foreclosure tracking firm and the North Texas Realtors.

The number of foreclosed homes priced above $1 million climbed up in Dallas County during the 11-month period ended November by 24 percent from the same period last year. Total residential foreclosures however declined by 12 percent in the county.

In Collin County, foreclosures on high-end homes rose by more than 300 percent from last year. According to the tracking firm, significant increases in foreclosure activity over the past months involved residential properties considered as executive and luxury homes.

By Cassiano Travareli