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Buyers Taking Advantage of Foreclosed Homes for Sale in Dallas, TX

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By : John Cutts    99 or more times read
A big number of homebuyers are taking advantage of cheap houses being sold in the area of Park Cities and in other city locations. These include foreclosed homes for sale in Dallas, TX and other pre-owned residential properties. The level of home prices at Park Cities are at their lowest rate in five years, local realtors have revealed.

Realtors also claimed that Texas foreclosure homes have become some of the most sought after properties in the last few months, with some of the buyers even selling their current homes to make a purchase at Park Cities and other areas with a huge market of cheap properties.

The number of house foreclosures for sale in Park Cities being snatched by buyers has doubled in 2010, according to area statistics. Cheap prices, improved confidence among consumers and low mortgage rates have combined to make the area a haven for real estate investors and private homebuyers.

The increased buying activity is also attributed by market observers to the fact that a lot of choices, including foreclosed homes for sale in Dallas, TX, are available to those who have the means to buy. According to city numbers, available single family, pre-owned houses that are listed for sale in the area have reached as much as 600 in total. The number is about 15% lower than the previous year, but it still amounts to more than 12 months of supply.

However, the time that it takes to unload a house in the neighborhoods of University Park and Highland Park is still considered high. What with foreclosure proceedings and negotiations, realtors revealed that it takes over 120 days for a sale to be closed from the day the property is introduced in the market.

But realtors and residents are optimistic that the increased buying activity is a sign that the local housing market is on its way to recovery. The low prices of residences in Park Cities and the attraction of the neighborhood to buyers are expected to fuel further buying activities in the coming months.

More buyers are opting to buy foreclosed homes for sale in Dallas, TX, heralding high rates of purchasing activities that have not been seen in the area for the past half decade. Market observers are hoping that buyers’ willingness to purchase will drive the market towards recovery.
John Cutts has been educated in the finer points of the foreclosure market over 5 years.

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