Commercial foreclosures warnings jump 58% in D-FW
Foreclosure notices on commercial properties in the Dallas-Fort Worth area jumped 58 percent in the first six months of 2010, Addison-based Foreclosure Listing Service Inc. said Thursday.
During that period, including foreclosures already set for June, 1,659 notices were filed on retail properties, retail buildings, office buildings, industrial spaces, apartment complexes, and commercial lands in the D-FW area. Property owners still have time to respond and avoid foreclosure.
While it’s nothing compared to the 8,000 foreclosure filings reported in one year during the late 1980s, the jump over last year has made an impact, according to Foreclosure Listing Service, which compiles foreclosure data for the region.
There are still more foreclosure postings on residential properties, said George Roddy president of Foreclosure Listing Service, but he added, “posting activity has climbed at a much steeper pace on commercial properties than on residential.”
During the first six months of 2010, foreclosure filings on buildings classified as "miscellaneous commercial properties" jumped 126 percent to 683 postings. There were in 302 last year. Meanwhile, foreclosure notices filed on commercial land jumped 72 percent, hitting 381, up from 222 postings.
Meanwhile, apartment communities saw the number of foreclosure notices filed increase 46 percent over last year. Foreclosures on office buildings increased 18 percent, while foreclosures on retail centers and buildings dropped 16 percent.