Over 5,500 Properties Face Forced Sale

It's a record -- over 5,500 properties are threatened by foreclosure in May, a 25% increase from 2008's statistics.

Addison-based Foreclosure Listing Service has been tracking the statistics and tells the Dallas Morning News the latest uptick in listings may be due to self-imposed moratoriums on foreclosures initiated by the lenders.

Now that those have lifted, "I think the floodgates are going to open," George Roddy, President of Foreclosure Listing Service told the DMN.

Even with listings on the rise, buyers looking for a good deal may not see a difference. On average, around 30% of homes listed are actually foreclosed on -- now the number is in the teens.

Collin County had the highest increase in foreclosure listings, with a 45% increase in May.

Foreclosure listings simply catalog properties in danger of being forcibly sold, but are good indicators of home market trends -- as well as an indicator of the impact of the current recession.

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