According to recent reports, the number of homes in DFW being forced to sell by lenders has now dropped to a near 15-year low point. With home prices hitting record highs and demand for housing through the roof, foreclosure rates are dropping dramatically, especially within the last 12 to 18 months.
Back at the height of the recession, a record 63,835 homes in the DFW were scheduled for foreclosure, which compared to other hard-hit parts of the country like Las Vegas, Florida, or Arizona, isn’t a terribly high number in terms of the number of foreclosures to total number of properties on the market. As pointed out in a recent Dallas Morning News piece, nearly 70% of homes in Las Vegas were under water at one point, and similar numbers were also seen in the markets mentioned above.
So far, only around 15,846 homes are scheduled for foreclosure by lenders, while only about half of those homes should actually reach a forced sale. And according to CoreLogic, DFW isn't the only market seeing declines, as foreclosures nationwide are down an astounding 50% from numbers seen in 2012.
Perhaps the most promising anecdote relating to current market conditions in DFW, however, is that even if inventory rises, don’t expect home values to drop anytime soon. Job growth and employment gains in North Texas are about as good as anywhere in the country right now, and just since October, nearly 100,000 more jobs have found their way to DFW from a year prior, with more likely on the way.
Overall, it's safe to say the DFW real estate market is in a pretty place as we head into the traditionally busy spring season.