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Auction sales temper housing outlook

08:25 AM CDT on Friday, August 15, 2008

By Dawn Cobb / Staff Writer

While residential foreclosures continue to climb in Denton County, a glimmer of hope prevails in auction sales, according to a foreclosure analyst.

A total of 400 homes were listed for the upcoming Sept. 2 auction, up 27 percent from the same time last year, according to the Foreclosure Listing Service Inc.

Comparing the third-quarter numbers for July through September, residential foreclosure listings in Denton County were up 41 percent from the same period last year.

For the year to date, 4,075 homes have been put up for foreclosure auction in the county, up 37 percent from the same period last year.

“Among the major counties, Denton County leads the pack for year-to-date,” said George Roddy Sr., president of Foreclosure Listing Service.

However, in recent foreclosure auctions, the number of third-party buyers is increasing, Roddy said.

“A year ago, 5 percent of the properties were purchased by third parties,” he said. “Now, up to 11 percent are bought by third parties.

“That is an encouraging sign, simply because it shows people have confidence in the market itself — enough confidence to take advantage of the market.”

While the monthly foreclosure numbers are a little lower than in recent months, the third-quarter figures are still high, Roddy said.

Of the 10 counties his company monitors in the Dallas-Fort Worth region, four are showing declines or flat numbers of foreclosures.

“That’s some encouraging news,” he said. “But there’s still a lot of people in a world of hurt out there.”

DAWN COBB can be reached at 940-566-6879. Her e-mail address is dcobb@dentonrc.com .

 

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