X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

DALLAS-For the first time in 10 months, North Texas’ five metro counties have dropped below 100 foreclosure notices posted on commercial real estate properties for the July auction. But, the total is still 9% higher than last year at this time.

“A trend is not made by one month’s worth of data,” George Roddy Sr., president of Foreclosure Listing Service Inc. in Addison, tells GlobeSt.com. “I just don’t think that we’ve seen the peak. I think we’ll see increases as time goes on. It’s too early to forecast that we’re out of the woods yet.”

There were 87 properties posted, of which 28 were in Tarrant County. Dallas County had 42 notices tacked up while Collin and Denton each had eight and Rockwall had just one. By comparison, there were 80 properties posted for the July 2003 auction. And, the last time the region saw double digit postings was September 2003 when 95 properties were headed to the auction block.

As in the past, the July sale has more multifamily properties than any other product type, 16. The runner-up was hotels/motels with seven listings.

In year-to-date overview, multifamily and retail owners also have the highest numbers. Multifamily postings rose 82% from 2003′s first seven months, 93 notices versus 51. The retail sector increased 27% to 66 postings in comparison to 52 for the same period last year.

Roddy’s warning about more foreclosures later in the year are directed, in part, at the office sector. “There are still a lot of buildings out there that lenders have been nursing along,” he says.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.