This was the basic headline in the Dallas Morning News last week regarding home scheduled for foreclosure in February. Those eye-catching headlines certainly get your attention and I imagine help to sell newspapers. But when you read the entire article you'll discover what is probably a pretty good explanantion as to what contributed to this dramatic increase.
The first Tuesday of the month is the day that lenders are allowed to take properties by foreclosure. In January that day was New Years Day. Do you think the lenders knew this and could have decided to not participate due to a probable lack of interest? George Roddy of Foreclosure Listing Service estimates the 10-15 percent of January postings were moved to February for just this reason.
But of course the DMN would rather pile on to the fears already being felt amongst consumers and keep those negative headlines in the forefront of our minds. Fear paralyzes and for some reason the media wants to see our economy continue to decline. Guess that makes good headlines too when their "prophesy" plays out just liked they had hoped.
Bottom line, the D/FW real estate market is just fine. Not great, not gangbusters, but just fine and actually a pretty normal healthy market. What a terrific time to buy real estate and hold onto it for awhile. Remember, real estate is supposed to be a long-term investment, not typically a get rich quick investment.
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