January 7th, 2010 
admin 
In the third quarter of this year (2009) commercial foreclosure postings in the Dallas-Fort Worth region has jumped by leaps and bounds. Nevertheless these foreclosures of commercial units are still below 5% of the total number of foreclosures in the region comprising of four counties.
During this year the lenders filed 2,431 commercial foreclosures forcing their sales. These properties comprised of shopping malls, warehouses as well as plots as per a report released recently by Foreclosure Listing Service. It marks considerable increase over the figures of the previous year (2208) – 1,900 commercial foreclosures according to the findings of this firm based in Addison.
George Roddy of Foreclosure Listing Service said, “In 2009, foreclosure postings of commercial real estate climbed at a slightly steeper pace than residential postings although there have been many more postings of homes than of commercial properties.”
In the Dallas Fort-Worth area 61,000 foreclosure postings had been recorded in 2009 creating an all time record. The consolation is that as compared to the commercial mortgage defaults recorded during the last crisis in the late 80’s and early 90’s so far the numbers have been comparatively less. Roddy said, “It’s probably about 20 percent of what it was in the peak year of 1989, when we had more than 7,000 postings. We are not close to that at this point.” But the numbers are going up steadily. Roddy further explained, “We have begun to see the economy’s impact on the commercial sector in 2009. And I expect postings of commercial properties to remain at this level or even higher throughout 2010.”
The most notable increase in commercial foreclosure filings during 2009 were from office properties. In the latter category the foreclosures had climbed up by 121%. The foreclosure of retail properties had shot up by 90%. As compared to the previous year this year foreclosure posting of commercial units have gone up by 71%.
The list of commercial estate foreclosure posting was topped by apartments with more than 400 properties being filed. The biggest spike came from Denton County where the numbers had doubled. In Tarrant County there was a fall of 2% in commercial foreclosures.
It requires to be noted however that not all the listed as foreclosure actually reach the auction stage. Often negotiations between the borrowers and lenders are worked out. Sometimes the auction is delayed by bankruptcy measures taken.
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Tags: Region, Worth Region