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The foreclosed homes list of properties to be auctioned in June 2009 in Dallas-Fort Worth, Texas increased by 31 percent on a year-to-year basis. However, foreclosure filings took a slight dip from its record figures last month.

According to the Foreclosure Listing Service, over 5,000 houses in Dallas-Fort Worth area are facing the possibility of being added on foreclosed homes list that is scheduled to be auctioned next month.

Significant increase in foreclosure activity was noted in counties of Collin and Tarrant where the rate jumped to almost 40 percent since June 2008. Meanwhile, Dallas County recorded the highest number of foreclosure filings with 2,150 properties.

George Roddy, president of Foreclosure Listing Service, believed that the foreclosure rate in North Texas will remain at its current level. He pointed out that there is no significant trend that indicates foreclosure activity will go lower or higher.

Real estate analysts are expecting an increase in foreclosures following the lifting of temporary moratoriums declared by lenders. Texas A&M University’s Real Estate Center economist James Gaines explained that foreclosure rates are expected to register a significant jump in May and June as banks will start to wipe out the backlog they have accumulated during the moratorium.

On average, only 40 percent of foreclosure postings are sold monthly. Unsold properties will be reposted again. About 5,553 notices of auctions were made on properties scheduled for complete foreclosures in May.

The number of foreclosed homes list filings in Dallas-Fort Worth for the first three months of the year jumped by 14 percent compared with figures from the same period in 2008.

Data from Foreclosure Listing Service showed that residential foreclosure notices were received by nearly 30,000 homeowners as of May this year. In 2008, over 50,000 foreclosure postings were made, an increase of 17 percent from 2007.

Statewide, first quarter 2009 saw 25,259 properties receiving foreclosure filings, a 15 percent jump from last quarter and 25 percent lower from the first quarter of 2008. Texas’ foreclosure rate is the 29th highest in the country, with one in each 373 homeowners receiving foreclosure filings for the first quarter.

RealtyTrac Chief Executive Officer James J. Saccacio said that despite the increase in its foreclosed homes list filings in the first quarter, Texas’ home prices are still competitive compared with other states.

The proverbial carrots are being offered to lenders and loan servicers who would work on renegotiating loan terms and for short sales.

Loan servicers are to receive double of what they used to if they are able to work with borrowers to reach any kind of a workout that would avoid their houses being foreclosed, announced Freddie Mac.

A few critics have mentioned that there is a good possibility that servicers would not put in the required money or time that would be needed to work on short sales, loan modifications or creating new payment plans, considering the compensation they would receive.

Compensation has been doubled for servicers involved with pre-foreclosure sales or short sales, from $1,100 to $2,200. For loan modifications, compensation has been doubled to $800 from the previous $400. Servicers who would work on successful repayment plans are to receive $500, up from $250.

Freddie Mac is also giving servicers 300 days to do what they can in order to work with borrowers who are delinquent in the state of Texas, along with the following states: Alabama, Alaska, Arizona, Arkansas, California, Georgia, Hawaii, Maryland, Michigan, Minnesota, Mississippi, Missouri, New Hampshire, North Carolina, Rhode Island, Tennessee, Virginia, West Virginia, Wyoming and Washington D.C.

In an attempt to increase the efforts put by servicers to get in touch with borrowers Freddie Mac is set to provide monetary benefits to servicers. Where servicers have vendors working for them to leave notifications (door hangers) at borrower’s homes, and the borrower hasn?t previously contacted the servicer and is more than 3 months delinquent, they will receive $15. After the 31st of March, if a knock on the door of a borrower results in the borrower contacting their loan servicer, Freddie Mac will pay $50. If a foreclosure can be avoided as a result of the knock, $200 will be given.

Freddie Mac said that rates on mortgages with a thirty year fixed rate mortgage have fallen in comparison to last year. Homeowners already in the Texas foreclosure listings wait to see how this would benefit them.

Though many believed that only the low and middle-income mortgage borrowers had to face foreclosure, the insatiable appreciate of this tsunami wave has started to engulf the prosperous homeowners too. Foreclosures are no longer the bane of the economically weaker sections of the U.S. society!

Texas foreclosure listings are looking exceedingly more attractive as more million dollar homes are making their way into them. This latest trend is most noticeable in the Dallas-Fort Worth area. During the period of Jan to June 2008, over 70, $1million plus homes have already been added to the inventory thanks to foreclosure listings in Texas. Now, 70 affluent homeowners caught in the foreclosure net is almost double the number of homeowners that were caught in this net last year.

Additionally, repossessed houses belonging to the $500,000 to $999,999 bracket have also jumped by 53%/ and those between $300,000 to $499,999 bracket have risen by 39% this year. The final figure is as scary as it is true, and reads as one per every 59 houses facing foreclosure during the period of Jan-June of this year.

Foreclosures are affecting North Texans as well. It?s more serious here, and can be blamed on the bad lending practices that offered loans to people who could not afford them. It?s no doubt that the foreclosures finding their way into the Texas foreclosure listings are a product of the sub prime lending practice. And, so there are almost 25,503 Texas foreclosure listings for the combined period of Q1 and Q2 of this year in the 4 counties of the state. Now, these foreclosures have a price that is below the average market price and with an increasing inventory, lenders are eager to find buyers for them making it the opportune time to invest in property, if you have the surplus cash.

Since Texas foreclosure listings are the outcome of the process of foreclosure, if you?d like to make an investment in these distressed foreclosures, get the advice of foreclosure brokers. Their information is easily available over the internet and prevents you from walking around.