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Dallas Foreclosure Investing Amid Decline in Home Sales



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By : John Cutts    99 or more times read
Dallas foreclosure investing benefits from a decline in home sales in two ways: less competition for attractively-priced properties and possibility for bigger price discounts.

Home sales declined in the Dallas-Fort Worth metro area in February by 5 percent, the third consecutive month that home sales dropped compared to sales in February 2009.

A total of 4,099 previously owned single-family units were sold through the MLS in February, based on records from North Texas Real Estate Information Systems and the Real Estate Center of Texas A&M University.

Total sales during the first 2 months of the year declined by 5 percent compared to sales in the first 2 months of 2009. Texas A&M economist James Gaines said that the extension of the federal tax incentives was not able to push home sales in January and February, but he hopes more buyers will take advantage of the incentives before they expire.

The number of homes offered for sale through the MLS also dropped in February to 35,070 units, down by 8 percent from listings in 2009. According to realtors, about 40 percent of these units for sale were from Dallas foreclosure listings.

Nevertheless, actual and Pre-Foreclosures in Dallas did not pull down the median price in the area, which rose by one percent from the February 2009 median. The median sales price for all homes sold in February through the MLS was $139,900.

The report from Dallas analysis firm Residential Strategies Inc. that the buyer traffic for new homes is another positive factor for Dallas foreclosure investing. This means that people have confidence in the economic recovery and growth of Dallas.

Analyst Ted Wilson of Residential Strategies said that more new-home buyers are taking advantage of the federal tax incentives. He nevertheless stated the importance of job growth, which is a better and more permanent factor than tax incentives for driving home sales.

In a study conducted by bizjournals and Portfolio.com, Dallas is among the top ten metropolitan areas for young adults in the nation, based on job opportunities, economic growth rates and costs of living. The researchers reported that the Dallas area has gained a total of 206,000 jobs since 2005 and its population has been rising by 2.4 percent every year.

Indeed, Dallas foreclosure investing is viable because of the city’s strong economic growth prospects and status as a top destination for job opportunities and prospects for growth.
John Cutts has been educated in the finer points of the foreclosure market over 5 years.

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