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CRE Foreclosure Notices Rise 36% in North Texas

ADDISON, TX-Year to date, Foreclosure Listing Service says postings total 1,783 versus 1,313 in 2007. The top watchdog says it could be worse and could get worse in '09.

By Connie Gore | Updated on October 27, 2008

ADDISON, TX-Foreclosure Listing Service Inc.’s latest analysis confirms commercial postings are climbing, but its chief market watcher says the absence of class A and class B properties offers a measure of comfort in the newest set of stats. Commercial postings rose 36%, putting 1,783 properties on monthly sale lists year to date versus 1,313 in 2007 in a four-county region of North Texas.

“The percentage is up, but the type of buildings is a good sign for the class A and class B buildings,” says George Roddy Sr., president of the Addison, TX-based watchdog firm. “It’s certainly not unexpected, given the tightening of credit and so forth.” Residential foreclosure notices spiked to 46,277, up 31% year to date versus last year at this time and are predicted to hit 50,000 by year’s end.

Roddy tells GlobeSt.com that commercial brokers have started to closely monitor his lists because they have investors looking to park capital that they’ve siphoned from the stock market. “Lots and lots of investors are sitting on the sidelines. They are taking money out of the stock market due to the volatility,” he says. “The brokers are quite interested in keeping up with potential deals. We’ve had a lot of calls in the last 60 days and in the past 30 days, most particularly.” Courthouse auctions will be held next Tuesday.

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