Sales of Houston bank owned homes, along with other types of residences in the whole Texas state, have risen during the first quarter of 2010. Along with sales, prices of dwellings also rose, according to the Texas Quarterly Housing Report.
According to the report, sales volumes in the state for single-family existing homes were over 42,000 for the 2010 first quarter. The total sales volume, including bank owned homes in Texas, rose by four percent compared with the first quarter of 2009. Median house price also rose by more than three percent, averaging $141,500 compared with $137,200 during the first quarter of the previous year.
The sales numbers are considered good news by most analysts and are expected to help keep the list of foreclosures in the state shorter. Despite a downturn in sales during the months of January and February, first quarter totals still posted a positive trend, thanks mainly to a stronger than expected performance during the month of March.
With the positive March numbers, market analysts are predicting that sales of Houston bank owned homes and other types of residences in the whole state will continue to be strong in the second quarter of 2010. The report has also shown that a big percentage of sales have come from foreclosed properties.
Analysts have stated that Texas was able to maintain a near-balanced housing market, with inventory equivalent to 6.8 months. In terms of foreclosure listings by state, Texas also performed comparatively well against Florida and California which both recorded increases in foreclosures in the first part of the current year.
Market observers are of the opinion that the state is showing gradual improvement, with repo homes listings at manageable levels compared with national rates. The state’s housing market was also able to keep property values at reasonable level, which shows that it is absorbing some of the foreclosure burdens without recording excess supply.
Realtors have attributed the ability of Texas to prevent drastic increases in foreclosures, including increases in Houston bank owned homes, to the protection provided by state lending laws to consumers. The positive trend is expected to continue on to the second quarter of 2010.
John Cutts has been educated in the finer points of the foreclosure market over 5 years.
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