Local foreclosures of million-dollar homes have more than doubled in the first half this year from a year ago, according to a recent survey by Foreclosure Listing Service Inc.
Although foreclosures of executive and luxury homes made up just 7 percent of postings filed in the first half, foreclosures on homes worth $1 million or more has surged 112 percent in the Dallas-Fort Worth area, the biggest gain out of all housing segments, according to Addison-based Foreclosure Listing Service.
In addition, homes valued between $500,000 and $999,999 had about a 53 percent jump in foreclosure filings, and homes valued at $300,000 to $499,999 had almost a 39 percent gain.
Only one segment of the housing market experienced a decline in foreclosure postings over the last year: Homes valued between $200,000 and $299,999 had a 52 percent drop with just 13,389 postings filed during the first-half of this year compared with 11,052 during the same period in 2007.
Most foreclosed homes are in the low to medium-price range, with 83 percent of homes posted for foreclosure valued at under $200,000. Foreclosure postings filed on homes valued at under $200,000 has increased 17 percent to 20,918 by the middle of 2008, compared with 17,884 in the first half last year.
The average home posted for foreclosure during the first half this year was valued at around $140,000 compared with $70,000 10 years ago.
"Trying to say that today's foreclosure posting rate on a per capita basis is not as bad as it was a decade ago does not fly," said George Roddy Sr., president of Foreclosure Listing Service.
With foreclosure postings filed on Dallas-Fort Worth area homes jumping 232 percent over the past decade, the ratio of postings to homes has weakened, falling 60 percent. Ten years ago, only one foreclosure posting was filed per every 146 homes in the Dallas-Fort Worth area, compared with every 59 homes today.
"This hits home," Roddy said, "when you consider that if you know 59 homeowners, one of them had their home posted for foreclosure during the first six months of this year."
Web site: www.FLSonline.com
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