The Dallas Morning News reported Friday that there was a record number of foreclosures posted for July. Well maybe it is but there is one problem. Many of the homes posted were also posted for foreclosure in May and some of them were also posted in April. The total number reported in the Dallas News of over 35,000 home foreclosure fillings so far for this year includes these homes that have been posted multiple times. I did a quick check and found that 49 homes were posted in Richardson for July and out of these 22 had been previously posted. In the North Dallas area 158 were posted and of these 80 had been previously posted. So you can see that there is a lot of double and sometimes triple counting of the same home.
Historically about 40% of the homes posted for foreclosure are actually foreclosed on. Over the last few months however, the number actually foreclosed on has been between 20% and 25%. I can not tell you with any certainty why the numbers are down, but they were. Because of the moratoriums earlier in the year and the decrease in the number of foreclosures, the amount of foreclosed properties on the market has been dropping. Bet you didn't read that in the newspaper.
