Homeowners are hoping that the condition of foreclosed homes for sale in Houston, TX will mimic the trend in the Dallas-Fort Worth area where most counties recorded a decline in the number of foreclosure postings for the auction month of June. This makes it the second successive month that the North Texas area recorded a drop in foreclosure numbers.
The number of Texas foreclosure homes remained almost the same as it had been in the past five months of 2010, but some local areas are posting some decline. Recent statistics showed that Tarrant County posted a drop in foreclosure filings for June 2010, making it the second time that the county experienced a decline compared with previous year’s numbers.
The number of foreclosed houses for sale and houses that will likely be auctioned in June in Tarrant County has declined by eight percent compared with the same period of the previous year. When compared with May 2010, the June numbers represent a seven percent decline. The figures were based on data gathered by the Foreclosure Listing Service of Addison.
A total of 1,507 dwellings in the country were posted for foreclosure for June, making it the month with the fewest number of foreclosures for the past 15 months. However, local residential property analysts warned that it would be too soon to conclude that the area is on its way to a recovery. According to them, it would require at least half a year of consistency before the numbers can be categorized as an industry trend.
They further added that it is highly possible that another foreclosure wave will hit the state, particularly when all statistics are taken into consideration, including the high number of foreclosed homes for sale in Houston, TX. They further added that the expected wave will likely happen considering that adjustable rate home loans for the period 2006-2008 will reset to higher payment terms and rates.
Market analysts also reported that only around 40% of houses in foreclosure listings are actually sold at home auctions, but the condition of listings for foreclosed houses for sale indicates high numbers of borrowers who are finding it hard to meet their monthly mortgage due dates. Some of these homeowners try to avoid foreclosures by selling their properties or by negotiating with lenders for a settlement.
Statewide statistics showed that the counties of Collin, Denton and Tarrant all recorded foreclosure posting declines for June 2010 when compared with the same period of a year before. Meanwhile, Dallas County foreclosures rose by one percent. When added together, these counties recorded a combined seven percent decline compared with 2009 foreclosure numbers. Compared with May 2010, the June figures for the four counties represent a four percent drop. However, when the total postings for the first 6 months of the current year are taken, the half-year figure represents a ten percent rise when compared with the first half of 2009.
Although counties in Dallas-Fort Worth had better statistics compared with foreclosed homes for sale in Houston, TX, analysts believe that the whole state can look at these isolated numbers as a positive sign that the whole area is not getting any worse.
John Cutts has been educated in the finer points of the foreclosure market over 5 years.
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