Dallas Texas

DMN.com is the former home of the Digital Music Network (RIP). We are currently blogging about the status of Dallas Texas; how forclosures and short sales work and feature a nice map of the dallas forth worth area.

The Dallas - Fort Worth area is the single largest metro area in the States that is not adjacent to water.

Population is expected to grow at a very high rate in coming years. Real estate is very afforable in Dallas. One can take advantage of the market conditions and get 40 - 50 % off market value properties. Dallas Texas properties have declined in value but it is nothing compared to what is happening in Florida where properties are being discounted 70 - 80 % in some markets.

Their is an increasing amount of forclosures in the market and when bank's own properties they need to get them off their books fast. By law I hear they cant have them on their books for more than five years. Typically these properties need some kind of clean up work; and are deeply discounts (usually at least 30% of other listings). Bank's assess their list price by taking the lowest Broker Price Opinion (BPO) and hoping that the propery sells fast to free up their balance sheets.
Bank's are wisening up and approving short sales; knowing the larger losses they will incur in the case that they must take back the property

When their is a forclosure in your neighborhood or worst street; this kills the market value of your property (the comp). Other sales will now be based on the sales of this new property. We are far away from a recovery of the market. Once you start to see properties selling for 5-10% over what a comparable sold for in a community over a 12 month basis; that means people are in the black and their is demand for prices to start rising again.

It is unfortunate how tough the lending market is right now; as that is only fueling the fire of the recession our economy is currently facing. I am sure many homeowners would love to keep their properties.
I will be back for more comments later

~DMN