Suburbs are Home of Foreclosure Woes

12/7/2007

This year, lenders sent out more than 40,000 home foreclosure notices in the Dallas/Fort Worth area. And the biggest percentage of those home loan defaults was in the suburbs. Outside of 14,000 postings in the cities of Dallas and Fort Worth, Arlington had the most foreclosures with more than 2,900 postings, followed by Garland with about 1,900 and Grand Prairie with almost 1,700, according to Foreclosure Listing Service. Collin County cities had more than 1,000 postings each in McKinney, Frisco and Plano. Lancaster also had more than 1,000 postings. Some of the biggest increases in foreclosures were in fast-growing Collin County communities. For instance, the town of Prosper saw postings almost double this year. In Fairview, foreclosures surged 88 percent, with an average loan age of two years. North Texas' exclusive Park Cities neighborhoods were opposites in the foreclosure count. In Highland Park, the number of foreclosures dropped by 10 percent to a scant nine postings. But in neighboring University Park, the number of home loan defaults almost tripled to 32 postings.[Dallas Morning News]

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