Commercial Foreclosure Postings Nearly Double in Tarrant County
Dallas Friday, June 4th, 2010
In Texas the foreclosure activity in respect of commercial real estate foreclosures are mounting in certain pockets – notably Tarrant County and Dallas-Fort Worth Metroplex Area. Addison-based Foreclosure Listing Service Inc. released a report on 20th May wherein many interesting statistics have come to the fore.
The report compares the commercial foreclosure activity of different types namely – retail buildings, retail centers, apartment complexes, office buildings, industrial buildings, unimproved commercial land of vast expansion and miscellaneous commercial buildings – for the first half of 2010 with that of the same period in 2009.
According to the report, there is almost double the foreclosure figure – a jump of 98 percent in commercial real estate foreclosure postings in Tarrant County, during the first half of this year so far, when compared to the same period in 2009. Figuratively 638 commercial properties received foreclosure notices, compared to 322 properties with those notices last year.
As regards Dallas-Fort Worth area, the commercial foreclosures have a jump of 58 percent during the first half of this year. The commercial foreclosure figure has raised from 1,050 properties during midyear in 2009 to 1,659 properties so far this year in this four-county Metropolitan area.
George Roddy, President of FLC says in the report that this is nothing when compared to the commercial foreclosure crisis in 1980, when a staggering 8,000 commercial foreclosure filings were recorded in just one year. Of the present commercial foreclosures, apartment complexes were the ones, which had largest postings during this year and shopping centers and office complexes follow closely.
As for Tarrant County, the details of commercial foreclosure filings trend go to show – office complexes showed a decline by 24 percent; retail centers and buildings recorded a decline by 23 percent; and industrial buildings showed a downward trend of 10 percent. But as if to offset these declines, the other three types of commercial properties showed a huge increase thus – miscellaneous commercial buildings foreclosure increased steeply by 299 percent – against 102 posted in 2009 they went up to 407 in the current year; apartment community postings increased 25 percent and land foreclosures rose 37 percent in 2010.
Posted by Amitesh Kumar
on Jun 4 2010. Filed under Dallas.
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