The number of homes facing foreclosure in Dallas-Fort Worth next month shot up 34 percent from a year ago.
But much of the increase is due to loan modification programs, which have carried over foreclosure filings from previous months.
Almost 6,000 homes are scheduled to be sold at foreclosure next month, Addison-based Foreclosure Listing Service said Thursday.
The biggest jump was in Collin County, where foreclosure filings are up 61 percent from October 2008.
But the current statistics overstate the problem because lenders who are negotiating with problem borrowers frequently carry over postings for several months, which adds to the volume.
“We are still seeing a lot of reposts – it’s nuts,” said Foreclosure Listing Service president George Roddy. “It’s creating an artificial high.
“If we keep going like this, we will have 60,000 home foreclosure postings this year in the Metroplex, which is horrendous.”
But less than half of the homes set for forced sale each month are actually foreclosed on by the lender.
In many cases, the borrower and debt holder reach a new agreement or the foreclosure is delayed.
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