Home foreclosures in Grand Prairie increase 14% in 2007
While the DFW metro area experienced a 10 percent increase in home foreclosure postings in 2007 over 2006, Grand Prairie saw a 14 percent increase.
Foreclosure Listing Service, Inc., an Addison based firm with forty-four years experience tracking foreclosure activity released its 2007 data for the metroplex.
The cities of Dallas and Fort Worth lead with foreclosures postings while Grand Prairie was number three among the suburban cities with 1,699 postings. Grand Prairie had 1,492 listings reported in 2006.
Bonnie Brown with Foreclosure Listing Service said unlike some regions of the country there is no one cause for the D/FW area home foreclosures. She said that sub-prime lenders have received much of the blame recently but it is not the only factor. Other contributors include upside down loans caused by low or no down payments and family budgets stressed by rising fuel and food prices.
Brown provided some addition data about the 2007 Grand Prairie foreclosures:
- Average assessed value - $133,139
- Average size – 2,027 square feet
- Average home built date – 1986
- Average loan origination date – 2003
The ranking of suburban cities in the north Texas region for 2007:
- Arlington – 2,963 postings – 5% increase
- Garland – 1,817 postings – 5% increase
- Grand Prairie – 1,699 posting – 14% increase
- Mesquite – 1,655 postings – 5% increase
- Desoto – 1,285 posting – 7% increase
