Tarrant Foreclosures Up

April 18, 2008

Fort Worth News stated , Home foreclosures in Tarrant County are up 39 percent for May, with 1,380 homes posted for foreclosure at the May 6 auction, according to figures released Thursday by Foreclosure Listing Service.

For the year, there have been 6,971 postings in Tarrant County, 29 percent more than a year earlier.

Tarrant, Dallas, Denton and Collin counties combined had 4,426 postings for the May auction, also up 39 percent from a year earlier.

There are a number of reasons that foreclosures are continuing to rise, said George Roddy, president of Foreclosure Listing Service. The cost of living — including the price of gasoline and groceries — continues to rise, contributing to the rise of people’s bills, but salaries have not kept up.

“The cost of living has gone to the moon,” he said.

In addition, some people have mortgages with variable rates that are adjusting.

These higher costs are compounding the usual underlying causes that contribute to foreclosures: job loss, divorce and insurmountable medical bills.

The mortgage is usually the one of the last bills that people stop paying.

“Once you get behind, it’s extremely hard to get caught back up,” Roddy said.

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