Widespread reports that the housing industry is stabilizing are just too incredible to believe. Affordability remains at a 15-year low; inventories are at record levels, new housing permits are plunging; and industry executives are telling us every day how bad things really are.
Foreclosures in dallas highest sine 1980’s oil bust.
Dallas Morning News:
Home foreclosure postings in the Dallas-Fort Worth area have surged to their highest level since the 1980s.Nearly 4,000 homes in Dallas, Tarrant, Collin and Denton counties have been posted for possible sale in November, up 49 percent from the same period a year ago.
“It’s high, much higher than normal,” said George Roddy, president of Addison-based Foreclosure Listing Service, which compiled the data.
Fueling the foreclosures are interest rate hikes, rising living expenses and consumer debt, and aggressive lending practices.
Home foreclosure postings reached about 35,300 so far this year, increasing 20 percent over the same period a year ago. That figure has already surpassed the total for 2005, which was about 32,500.…