Exotic-loan resets could hit commercial market

Exotic-loan resets could hit commercial market
By Sandra Baker / Star-Telegram
September 27, 2009

An increasing number of commercial property loans may go into default in the coming months, as interest-only loans that were issued in the past several years reset, an industry expert said.

"There’s a massive amount of these loans ready to hit market," said Ben Loughry, managing partner of Integra Realty Resources in Fort Worth and Dallas. "The commercial real estate bubble is continuing to grow."

Loughry spoke at last week’s monthly meeting of the Society of Commercial Realtors.

Moreover, commercial sales are down nationwide by 90 percent and locally by 70 percent, he said.

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Dallas-Fort Worth home foreclosure filings jump 34%

Dallas-Fort Worth home foreclosure filings jump 34%
By Steve Brown / The Dallas Morning News
September 18, 2009

The number of homes facing foreclosure in Dallas-Fort Worth next month shot up 34 percent from a year ago.

Much of the increase is due to loan modification programs, which have delayed foreclosures from previous months.

Almost 6,000 homes are scheduled to be sold at foreclosure next month, Addison-based Foreclosure Listing Service said Thursday.

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Foreclosures Rise in Texas

Texans continued to fall behind on their mortgage payments in the second quarter, and more than one in 10 Texas mortgages are late or in foreclosure.

At the end of June, 8.79 percent of residential mortgages in the state had delinquent payments and 1.84 percent went into foreclosure, the Mortgage Bankers Association reported Thursday.

Both figures rose compared with the first quarter.

Nationwide, a record 9.24 percent of residential loans were delinquent in the quarter. The closely watched measure includes all mortgages that are at least one payment behind. Texas ranks 17th nationally among states when ranked by the percentage of late mortgage payments.

The national average foreclosure rate in the second quarter was 3 percent.

Just four states – California, Florida, Arizona and Nevada – accounted for 44 percent of the nation's new home foreclosures during the second quarter, the Washington, D.C.-based trade group said.


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