Collin County Foreclosures keep climbing

Foreclosure totals for the DFW area topped 12,000 for the last six consecutive fiscal quarters.

By Danny Gallagher, McKinney Courier-Gazette

Foreclosures not only saw a jump last month, but also for the last two quarters of 2009.

Foreclosed homes for both the Collin County and the Dallas-Fort Worth area jumped to record levels both last month and last quarter, according to data tabulated by the Foreclosure Listing Service of Fort Worth.

A total of 699 homes will go on the auction block in June from Collin County. That represents a 39 percent increase from June of 2009 when 502 homes went under foreclosure status, according to tabulated data.

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Collin County foreclosures down over same time last year

PLANO - For the first time in several years, the number of new residential foreclosures is down in Collin County and surrounding areas. The first quarter of 2009 showed an 11.9 decrease in the number of new foreclosures over the same time last year, reports the Collin County Association of Realtors (CCAR). In addition, more than one-fourth of all closed sales in the first quarter were foreclosure listings - up 19 percent from the same time last year.

"If we continue to see a decrease in new foreclosure listings while foreclosure sales are brisk, the market will eventually absorb most of those listings. This is an important component to a return to a more normal market," says Steve Haid, CCAR member services director.

While the decrease in new foreclosures is a positive indicator, the increase in foreclosure sales has contributed to a 4.1 percent drop in the median sales price of homes ($165,000), compared to the first quarter of 2008. During the first quarter of 2009, the median sales price of foreclosure homes was $111,000, and the median sales price of traditional homes was $185,000.

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