According to an article in the Dallas Morning News nearly every Dallas-Fort Worth neighborhood has been hit by the foreclosure crisis. But the largest numbers of foreclosures seen in the first six months of this year were in ZIP codes 75115 – which includes most of DeSoto – and 75052, Grand Prairie. Many of these homes are located subdivisions where people who purchased homes cheaply now cannot afford the daily commute because of skyrocketing fuel prices and because of the slow housing market are unable to sell.
But we are yet to see the full fallout from the foreclosure crisis hitting the Dallas- Fort Worth area. Many of the homeowners who purchased a few years back took out adjustable rate mortgages (ARMs) because they could not afford the high property price tags at the time. Many of those loans are scheduled to reset this year. With job losses mounting and the value of homes dropping as much as 30% in some areas, many homeowners holding ARMs may choose to file bankruptcy or surrender their home to foreclosure.