Area foreclosures have fallen to prerecession levels.

After foreclosures peaked in the Dallas-Fort Worth area in 2010, home foreclosure filings for 2012 have dropped to their lowest point since 2007. A total of 48,653 DFW homes faced foreclosure in 2012, down from nearly 64,000 homes in 2010.

December foreclosure postings are also down more than 40 percent over the same month last year. Real Estate Center Research Economist Dr. Jim Gaines believes the downward trend will continue.

“The main thrust of foreclosures is probably behind us,” Gaines said. “Some of the decline is because the lenders are doing more modifications and short sales, and some of the decline is because the market has rebounded to where defaults and foreclosures are simply not as prolific.”

North Texas home sales have climbed 17 percent in 2012.

Source: Dallas Morning News