Commercial Foreclosures Are Shooting Up
Posted on May 21, 2009
Filed Under Foreclosure Homes | Leave a Comment
According to reports coming in commercial foreclosures have been shooting up in Denton County during first few months of 2009. Foreclosure Listing Service has conducted the tracking.
In the Dallas-Fort Worth region the numbers have shot up by 14% with the most being reported from Denton County since 1990. In 2009 so far, half of the 83 properties in Denton County has been foreclosed upon. In 2008 the number was 24. The units are pieces of commercial land.
In the analysis the April figures are also included because of the postings have already been listed for the auctions due this month.
George Roddy Sr. of the company observed that most of the people facing foreclosure had bought land during the boom time hoping to sell it off fast making quick profits. But fate decided otherwise and they are now in a fix. Roddy said, “The tightness of money for the last six months has made it tough. It’s a testament to where we are in our ability to borrow money.”
In the Dallas-Fort Worth regions listings of commercial land made up 20% of the total number of commercial foreclosures during the first quarter of this year. It was a spike of 69% compared to the previous year. In Denton County the jump of commercial foreclosures was by four times since the previous year.
In 2008 no apartments were listed but this year already 11 have been posted. None of these are new constructions. These comprise of a maximum number of 50 units. The occupants are shifting hunting for new accommodation. Roddy said people are taking advantage of the fact that incentives are being given for newer complexes.
Roddy opines that the foreclosure tide on single family homes perhaps has peaked but this is just the beginning of commercial foreclosures.
Karen Dickson of Denton Chamber of Commerce said that news coming through of increasing commercial foreclosures has not surprised her Denton has been relatively protected from the economic slump that the rest of the country is undergoing. But now the times are catching up and Denton is showing signs of being affected. Apart from foreclosures, Denton has experienced the shutting down of many ongoing projects.
Dickson is however hopeful that the economy will turn around before this year. Economic principles state that certain cycles of growth have to occur and suffered. Thus the boom period is being followed by the recession. This too shall pass.
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