Over 2,000 Houses in Tarrant Foreclosed Home Auction
More than 2,000 units will be sold in the July foreclosed home auction of Tarrant County, Texas. Most of these represent re-filings by lenders still struggling to cope with surging foreclosures and loan modification requests.
More than 2,000 houses will be sold in Tarrant County’s foreclosed home auction in July, based on foreclosure records in the area.
Court-managed foreclosure auctions in Tarrant are held every first Tuesday of the month. For the July foreclosure auction, a total of 2,015 homes were listed, an increase of 66 percent from the total in July 2008.
For the first 7 months of this year, Tarrant County has already posted more than 11,000 foreclosures, an increase of more than 20 percent compared to the first 7 months last year.
Real estate analysts in the area said that most of the foreclosure postings are repeat postings as mortgage lenders struggle to cope with continued foreclosure actions.
Most lenders do not have enough personnel to process foreclosures and applications for loan modifications. They are also postponing foreclosure actions on many defaulting borrowers because of lack of personnel. Some banks have also not enhanced their bank systems to cope with large numbers of documents to process.
According to housing analysts, lenders are still digesting the provisions of the Obama administration’s Making Home Affordable Program and still training their personnel on how to implement the program. Some are still crafting policies to guide customer service personnel or mediation representatives in their negotiations with distressed homeowners.
Meanwhile in Dallas County, a total of 2,579 homes were listed for the July foreclosed home auction, an increase of nearly 60 percent from the total in July 2008. In Collin County, 834 properties were listed, an increase of 67 percent compared to July last year. Denton County posted a total of 644 units for the July foreclosed home auction, representing an increase of nearly 70 percent from the July 2008 total.
All in all, the total number of properties listed for the July foreclosed home auction is 6,072, an increase of more than 60 percent from the July auction in 2008. The total for the 12 month period ended June this year has surpassed 35,000, representing a 20 percent rise from the prior 12-month period.
Housing analysts in Tarrant said that the number of housing units for the July foreclosure auction is the highest monthly total in the county’s foreclosure auction history.
However, some of the analysts explain that the July foreclosed home auction figure may not be representing real current data because many lenders are making foreclosure refilings as they are still improving their processes and systems to cope with surging foreclosure and loan modification activities.
By Cassiano Travareli