Dallas-Fort Worth home foreclosures will increase by 19% in 2023

The number of North Texas homes facing foreclosure in 2023 increased by more than 19% from the previous year.

However, the number of home foreclosure filings in Dallas-Fort Worth remains well below pre-pandemic levels.

Last year, 6,348 home foreclosure filings were recorded in the dozen counties that make up the metropolitan area, according to estimates from Atom Data Solutions. That's lower than the 8,195 foreclosure filings in 2019, before the pandemic suspended most forced sales by lenders.

Most of the home foreclosure filings last year were in Dallas County, where 2,394 properties were scheduled for sale by lenders. Tarrant County had the second highest number of applications, with 1,578 applications.

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Not all homes subject to foreclosure change hands. In some cases, the borrower may enter into a new debt agreement or sell the property before foreclosure.

Home foreclosures in North Texas peaked in 2006, before the Great Recession, when 38,352 D-FW homes were put up for sale.

D-FW ranked ninth in the country in the number of home foreclosure filings last year. New York City had the highest number of foreclosure filings, with 28,024 properties under threat of foreclosure by lenders.

Texas was one of the states with the most foreclosures initiated in 2023, with 28,533 properties filed for foreclosure. Only California, with 29,180 foreclosures initiated, has more homes facing forced sale.

Nationwide, lenders initiated foreclosures on 270,222 homes last year, a 9% increase over 2022, according to Atom Data.

“Looking ahead to 2023, we view the recent increase in foreclosure activity as a market correction rather than a cause for alarm,” reported Rob Barber, CEO of Atom Data. I mentioned it in my book. “This marks a return to a more traditional pattern after years of instability.

“Our data suggests that while foreclosure activity may fluctuate, it is unlikely to approach the highs seen over the past decade.”

Because most homeowners have equity in their property, they are often able to sell their home without foreclosure.

The median home sales price in North Texas has more than doubled over the past decade.