Foreclosures still up but numbers declining - - Texoma news, weather and sports

Foreclosures still up but numbers declining


New foreclosure numbers are out for the month of September in Grayson County and the numbers are still almost double the normal rate for the Texas area.  The numbers have been declining since July but they are still above average.  Foreclosures in July hit an all time high at 137, in August  there were 120 and September there were 112 , all of the numbers almost double the areas normal rate at around 50 to 70 foreclosures a month.

But even though the numbers are high, local realtor Dean Gilbert says the numbers are not as bad as they seem.  Texas foreclosures average around 1.5% which is half the national average currently at 2.8%.  Gilbert says Texas has been able to maintain a lower foreclosure rate compared to the rest of the country due to property values in the area maintaining a reasonable price.   In Southern Oklahoma, the current foreclosure rates have been steady, averaging around 10 foreclosures a month.   They say the low number is due to homeowners dropping the price until the home sells.

Christina Lusby, Reports.