Dallas-Fort Worth Homeowners Owe More Than Their House Is Worth

According to an article in the Dallas Morning News, nearly 16 percent of homeowners in the Dallas-Fort Worth area owe more on their home than they are worth. In 2008 Dallas-Fort Worth homeowners lost nearly $4 billion in home value.

Nationwide, residential home values dropped $3.3 trillion last year and 17 percent of American homeowners are under water on their mortgage. And many of those homeowners are already facing foreclosure .

This drop in home value will no doubt increase the number of foreclosures and bankruptcies here in Dallas-Fort Worth; but also nationwide. Many homeowners who realize they are under water in their mortgage try to sell the home; but with the current problems in the economy many are not buying or even considering buying a home, especially one with declining value.

The article said:

“People without jobs, or fearing job loss, typically don’t buy homes, no matter how low prices or mortgage rates might be.”

This is true and as Dallas-Fort Worth residents watch their home’s value decline many may opt for bankruptcy to save themselves before it’s too late.

By | 2017-12-13T02:06:04+00:00 February 9th, 2009|Foreclosures|Comments Off on Dallas-Fort Worth Homeowners Owe More Than Their House Is Worth