Texas foreclosures listings continue to grow, making the state still a buyer’s market because of the wide array of low-priced foreclosure properties to choose from.
In Dallas, the number of foreclosure homes rose by almost 30 percent. Industry experts are blaming the current economic downturn on the rise in the number of foreclosure houses in the city. They pointed out that the strict policymaking of lenders may be blamed partially for the current foreclosure problem in the city.
The city’s foreclosure rate is higher compared with last year’s figures. So far, about 5,200 homes were placed on the auction block, a record high comparable to the foreclosure rate reported in February 2008 which was 5,300.
According to industry experts, lenders have refrained from posting distressed properties on Texas foreclosure listings for several months now in an effort to find ways to help distressed homeowners save their properties from foreclosures.
However, analysts said that lenders’ efforts are not enough to abate the flood of foreclosures that continue to swamp the housing market not only in Dallas but in the entire state. Additionally, mortgage companies have also delayed foreclosures. Currently, they are waiting for the Federal Housing Commission’s advice for a new foreclosure prevention plan that hopefully would help many troubled homeowners save their houses from foreclosures.
Market data showed that Tarrant County posted the highest increase in foreclosure filings by 32 percent. Meanwhile, 700 homes in Collin County were placed on foreclosure listings.
For the first half of this year, lenders sold more than 9,200 condominiums, townhouses and homes at foreclosure sales. The number represented a decline from the more than 11,000 repossessed properties for the first six months of last year in Collin, Denton, Tarrant, Rockwall and Dallas counties.
Industry experts said that the worsening housing market in Texas in terms of high foreclosure activity may severely impact sellers because they would find it very hard to dispose their properties because of the abundant supply of foreclosure homes on the market.
They said that buyers should take advantage of the bargain-priced foreclosure properties in Texas. With a huge number of foreclosures on the market, buyers have a limitless choice of properties at very low prices.
Click here to view Texas foreclosure listings.
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