Addison, TX (PRWEB) November 24, 2009
With the filing deadline already behind us to post a property for foreclosure at the upcoming December foreclosure auctions, Foreclosure Listing Service, Inc. has completed a unique investigation with regards to the effect of re-postings on the Texas foreclosure market.

Re-postings are foreclosure postings which have been previously filed on the same home within the previous six months.

Foreclosure Listing Service, Inc.s President, Mr. George Roddy, Sr., announced this morning, Re-postings have substantially impacted the Texas foreclosure market place this year.

Mr. Roddy continued, Although foreclosure posting activity continued to rise in 16 of the 19 Texas counties in FLS’ study location, the net increase in postings was not as high as the obtain reported for total property postings, despite the fact that many counties were still at record levels.

For example, Mr. Roddy pointed out, Over the last year, the highest acquire in total residence postings within our study region was a 68% acquire in residential foreclosure notices filed in Hays County, which is positioned in the Central Texas Region. Even so, that 68% enhance fell down to a 36% acquire primarily based on net home postings.

The foreclosure analyst stated, Re-posting activity has surged 88% this year in FLS study region, which consists of 19 Texas counties and accounts for 44% of the total residential posting activity.

In a meeting this morning, Mr. Roddy was asked what is causing the massive improve in re-postings?

Mr. Roddy replied, Re-posting activity has surged this year in Texas this year and has been fueled mainly by loan modification requests. By removing the re-posting aspect, we gain a clearer view of the true foreclosure industry.

He added, Lenders have received a tremendous number of loan modification requests this year from homeowners who are already delinquent on their home mortgage. Numerous are of these home owners are so far in the rear on their mortgage payments that the foreclosure procedure has already begun. It appears that the lenders just preserve re-posting these houses for foreclosure until the loan modification review has been concluded. Then, the homeowner is either granted a modification and essentially begins fresh with the lender or the loan modification is denied and typically the residence is foreclosed on.

FLS’s President revealed, Two counties in fact experienced a decline in net residence postings more than the final year. This indicates that in Dallas County and Denton County, residential foreclosure posting activity dropped on a net basis, which implies the foreclosure market place in these two counties improved more than the last year.

In Dallas County, Mr. Roddy said, net residential posting activity fell -12% from 16,801 postings filed on Dallas County properties in all of 2008 dropping down to 14,791 postings for this year.

Mr. Roddy noted, In Denton County, three,760 net postings were filed on homes in 2008 even so, the threat of foreclosure dropped -five% more than the final year with just 3,568 residences posted for foreclosure this year.

For Foreclosure Listing Service, Inc.’s breakdown by county of total residential postings, net residential postings, the volume of repostings, as nicely as the percentage share of re-postings compared to total property postings, please see the file attached to this press release.

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