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Ganja Goddess

Registered: 02/13/99
Posts: 1,617
Foreclosures up 34% in 2003
    #2106729 - 11/14/03 04:35 PM (12 years, 11 months ago)

Residential foreclosures rose 34 percent in the Metroplex this year, hitting the highest level since the real estate bust of the late 1980s and early 1990s, said George Roddy Sr., president of the Foreclosure Listing Service.

There were 28,164 homes posted for foreclosure in Tarrant, Dallas, Denton and Collin counties in 2003, including those listed for the Dec. 2 auction, according to figures released Thursday by the Addison-based company. In Tarrant County, 8,740 homes were posted for foreclosure this year, 30.3 percent more than the 6,710 homes posted in 2002.

The pace of foreclosures has picked up in the past few years, Roddy and others said, largely because of a sluggish economy that has left more people unemployed or underemployed.

Foreclosures increased 25 percent from 2001 to 2002 and 30 percent from 2002 to 2003, according to the listing service.

People who lost their jobs early in the economic downturn are finding it harder to hold onto their homes as time passes with no improvement in sight, Roddy said. Some have drained their 401(k) retirement accounts and savings as they attempted to stave off foreclosure but now have run out of options.

"They've borrowed from Uncle Sam or Uncle Fred and they can't borrow any more," Roddy said. "The longer that the job market stays the same -- and there hasn't been much change in it in a positive way the more people are going to be affected."
Forclosures up 34% in 2003

It's really the economy, stupid.


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liberal pussy
Female User Gallery
Registered: 05/21/02
Posts: 5,646
Loc: innsmouth..MA
Re: Foreclosures up 34% in 2003 [Re: PsiloKitten]
    #2107663 - 11/14/03 10:33 PM (12 years, 11 months ago)

This might actually be good news in disguise, if it gets the junta booted next year..OTOH, the replacement prolly wont be much better either...


"anchor blocks counteract the process of pontiprobation..while omalean globes regulize the pressure"...

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