According to an article in the Dallas Morning News, nearly 16 percent of homeowners in the Dallas-Fort Worth area owe more on their home than they are worth. In 2008 Dallas-Fort Worth homeowners lost nearly $4 billion in home value. Nationwide, residential home values dropped $3.3 trillion last year and 17 percent of American homeowners are under water on their mortgage. And many of those homeowners are already facing foreclosure.

This drop in home value will no doubt increase the number of foreclosures and bankruptcies here in Dallas-Fort Worth; but also nationwide. Many homeowners who realize they are under water in their mortgage try to sell the home; but with the current problems in the economy many are not buying or even considering buying a home, especially one with declining value.

The article said:

"People without jobs, or fearing job loss, typically don’t buy homes, no matter how low prices or mortgage rates might be."

This is true and as Dallas-Fort Worth residents watch their home’s value decline many may opt for bankruptcy to save themselves before it’s too late.

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