According to an article in the Dallas Morning News, Dallas-Fort Worth home prices have declined by 5 percent in April compared to the previous year. Nationwide, home prices have fell 18.1 percent.

The article said:

“The biggest annual declines in April were recorded in Phoenix, down 35.3 percent; Las Vegas, down 32.2 percent, and San Francisco, down 28 percent, Case-Shiller found. Denver, down 4.9 percent, and Dallas, down 5 percent, had the slightest price declines in the markets surveyed.”

With a record number of foreclosures affecting almost every city and town in America, home prices are being pushed downward. More foreclosures on the market means lower housing prices overall, causing a domino affect that leaves many otherwise secure homeowners vulnerable to weak home values. Many of the homeowners are now underwater with their mortgages because local foreclosures are pushing down the value of their home. Some of these homeowners negatively impacted by the foreclosure crisis, may be able to wait out the storm; but many of them may not have the financial flexibility to remain in their home until the foreclosure crisis has subsided. A job loss, sudden illness or any other financial emergency could make it necessary for a homeowner to sell his/her home; but the foreclosure crisis could make it next to impossible to sell a home at a price that will cover the mortgage.

If you are a homeowner who is facing foreclosure because of declining home prices, a job loss, medical emergency or any other reason, speak with a Dallas-Fort Worth bankruptcy attorney to find out how bankruptcy can stop foreclosure.

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