DALLAS-Commercial foreclosure postings in Dallas/Fort Worth rose 14% in the past year. In a rare occurrence, Tarrant County has surpassed Dallas County in postings, ringing up a 45-notice spread.
"It's an anomaly," George Roddy Sr., president of Foreclosure Listing Service Inc. in Addison, TX, tells GlobeSt.com. "It's more of an unusual situation than it is the norm." His research shows 530 postings went up on Tarrant County properties this year, up 32% from last year. In Dallas County, this year's 485 notices reflected an 11% increase from 2005.
Roddy's team monitors five counties in North Texas. In Denton County, 67 postings went up on doors, equating to a 60% spike in the past year. In a more positive vein, Collin County notices dropped to 47 or 53% fewer than last year. Rockwall County, though considerably smaller in inventory, rang up just five versus 16 in 2005, factoring out to a 69% decline.
Across the board, there were no "pride of ownership" properties in this year's commercial stack, Roddy points out. Likewise, there were no surprises this year. "I don't think there's too much to worry about as it relates to commercial," he says, citing the brutal reality of rising foreclosures on the residential side. This year, there were 39,500 residential postings--including condos and townhouses--or 6,500 more than the year before.
As for industry sectors, only multifamily properties rang up fewer postings this year than 2005. The year is ending with 164 notices versus 173 last year.
The industrial sector jumped 33%, topping 100 notices for the first time in four years. There were 118 industrial properties posted this year versus 89 in 2005.Notices on office buildings totaled 75, up 25% for the year. Despite the uptick, the grand total is 37 fewer than 2003's six-year high.
In the retail sector, 86 postings went up this year, just three more than 2005. Unimproved land accounted for 124 notices, up 4% from last year.
Miscellaneous commercial buildings jumped 20% to 567 postings. The category includes properties like restaurants, convenience stores, hotels and motels, churches, service stations and duplexes.
Roddy doesn't foresee any red flags for the commercial sector. "Looking at the numbers that I look at--occupancy and rents--I don't see a reason for any major kind of decline in the market. We're actually pretty healthy and I'm not looking for any major changes in 2007."
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