The Collin County Observer™

Foreclosures set a record in Collin
By Brandi Hart, McKinney Courier-Gazette
Monday, January 21, 2008

Because of mortgages granted last year that required little to no money down and other lax lending requirements, the foreclosure rate for Collin County continues to rise.

According to the Foreclosures Listing Service, Inc. in Addison, Collin County Collin County will have 623 homes posted for foreclosure during its auction on Feb. 5, a record high for the county. The county’s home postings have been in the 300s and 400s each month during the past two years.

Most of the McKinney homes to be auctioned off are in the Eldorado and Stonebridge subdivision or west of U.S. 75. According to the Web site www.foreclosure.com, a home on S. Wellington Point Road, in the Wellington Point neighborhood of Stonebridge was originally estimated to be worth $865,000, but is now selling for $675,000. Another home was being sold for $99,000 that was originally estimated to be $147,000, according to the Web site.

The Dallas-Fort Worth region had 5,315 postings for residential foreclosure for the Feb. 5 auction. This is the first time that the DFW area has had more than 5,000 residential foreclosures, according to FLS, Inc.

Dallas County will have 2,351 home postings in its Feb. 5 auction, which is only the second time that home postings have risen above 2,000 in this cycle. The first time was in November 2007.

Records of foreclosures have also been set in Denton County, which will 566 notices filed for the upcoming February foreclosure auction. Foreclosure postings topped 400 for the first time just in November 2007 and then again in December 2007. Tarrant County will have 1,775 foreclosure postings on Feb. 5, which sets a new all time record high in Tarrant County home postings. Prior to this, home postings within Tarrant County had surpassed 1,300 postings only twice.