Texas foreclosure sale rates below the 2010 national average
February 24th, 2011 11:44am
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The Texas real estate climate continues to be better than the national market, as the sales of Houston foreclosures continue to be lower than average.According to RealtyTrac, foreclosure sales are 25.96 percent of all home sales nationwide. The average for the state of Texas is 12.88 percent. This is reassuring for prospective Houston-area residents, as it may show the housing market improving in the area.
Despite this, the national average is still struggling. James J. Saccacio, chief executive officer of RealtyTrac said that while foreclosures are still prevalent, they continue to sell for less than the average price. With less consumer demand, market will be sluggish.
Saccacio added, "The catch-22 for 2011 is that while accelerating foreclosure sales will help clear the oversupply of distressed properties and return balance to the market in the long run, in the short term a high percentage of foreclosure sales will continue to
weigh down home prices."
Texas’ numbers are far lower than some other states. For example, foreclosures made up 57 percent of sales in Nevada.Foreclosure sales in Houston are actually more common that the rest of the state. According to the Houston Association of Realtors, they made up more than 20 percent of local home sales in January.
Related News Articles in Distressed Properties
- Foreclosure activity declines across Texas
The housing market in Texas has outperformed national averages in recent years, and continued to do so in the third quarter.October 11th, 2012 10:43am - New foreclosure regulations to keep Houston homeowners informed
New mortgage standards for major lenders are due to take effect starting January 2012, Marketwatch reports.October 17th, 2011 10:15am - Harris County preparing to file suit against major lenders
The major settlement between major banks and many of the state attorneys general may not absolve banks of all liability over problems with the mortgage process.October 13th, 2011 9:40am - Residential vacancies, homeownership both down during second quarter
According to a recent report from the U.S. Census Bureau, the rates for both residential vacancies, including rentals and houses, and homeownership declined during the second quarter.August 1st, 2011 4:05am - Price-reduced homes remain widespread nationwide
A report from California-based ZipRealty finds homesellers in many parts of the country continue to cut their asking prices, providing affordable options for those looking to buy Houston homes.April 27th, 2011 11:00am
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