Dallas property markets are struggling, despite the economic power that the Dallas-Fort Worth area has. In the next month at least 4,800 homes will be up for auction. This is 11% more foreclosure than in June 2011. In the last couple of months foreclosures have been increasing, which means that individuals in Dallas are struggling to survive monetarily. Foreclosures do not happen overnight; it takes several months of defaulted payments and the inability to get back on track to before foreclosure occurs.
Short moves have already happened for many Dallas residents when their homes were foreclosed on. They had to relocate to apartments or rental homes that they could afford after the loss of their homes. The area will continue to see more rentals rather than purchases if the rise in foreclosures is any indicator. For some residents it might be time to think about a long distance move. A long distance move, such as one to a neighboring state, might be more affordable and better for the residents.
Typically the main reason individuals fall behind on a mortgage and end up in foreclosure is due to income issues from job loss. Residents suffering from job loss might find relocating to a new state brings them employment and affordable living. It could be an opportunity to start over if job loss is indeed the cause. Since there are many reasons that foreclosures can happen, relocating is just one suggestion to make things better.
Jon Huser
