The drop in number of Dallas foreclosed homes in the last months of 2009 partly contributed to the controlled drop in house prices in the area, based on data from Standard & Poor's/Case-Shiller and a foreclosure tracking firm.
While the drop in home prices was significant in many cities during the last months of 2009, the decrease in home price levels in the Dallas area was moderate.
In the third quarter last year, house price levels in the Dallas and Fort Worth area dropped by only 1.2 percent while most other cities experienced price decreases by at least 3.3 percent. Only one city - Denver - experienced a price drop as small as the drop in Dallas.
In Southwest housing markets like Phoenix and Las Vegas, home prices plunged by as much as 22 percent and 29 percent, respectively, compared to price declines in 2008.
In the city of Dallas, house prices dropped in October last year by only 0.6 percent compared to prices in October 2008. Only Denver had a better price performance, with its home prices dropping by only 0.1 percent over a 12-month period.
For the scheduled public foreclosure auctions in December 2009, the drop in number of Dallas foreclosed homes contributed to the 12-percent decrease in total foreclosures scheduled for auction in Dallas County. Nearly 17,000 housing units were scheduled for auction in December 2008, a greater number than the 14,791 scheduled for auction in December last year.
Denton also posted a lower foreclosure number for the December 2009 auction, decreasing its foreclosure filings by 5 percent compared to December 2008. The counties of Collin and Tarrant however registered foreclosure increases of 13 percent and 1 percent, respectively.
In some reports on foreclosures in Dallas and in other cities of Texas, filings increased, but when the postings are analyzed further, a significant percentage of the filings are re-postings. Re-posting occurs when a foreclosure action is posted on the same housing unit within a six-month period.
According to researchers, re-posting in Texas increased by 88 percent in 2009, with re-postings comprising 44 percent of all foreclosure filings in 19 counties in Texas. Re-postings in Denton and Tarrant counties accounted for 47 percent of all re-posting activity in the 19-county region while re-postings in Collin, Travis and Comal counties accounted for 46 percent of total re-postings.
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