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Sales of Real Estate Foreclosed Homes Declined in Houston

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By : John Cutts    99 or more times read
Real estate foreclosed homes sales in several metro areas of Texas declined by more than 26% during the first quarter of 2010. The metropolitan area of Houston-Sugar Land-Baytown recorded a decline in foreclosure sales of almost 5% when compared with the 2009 fourth quarter.

According to the latest statistics, homes that are under various stages of foreclosures, including loan default, lis pendens, bank-owned residential properties and those scheduled to be sold at auction, accounted for over 18% of total residential property sales in the metro areas during the first quarter of the current year.

The first three months of the year also showed the number of foreclosed homes in Houston, TX rising by more than 60% when compared with the same period of 2009. When compared with the 2009 fourth quarter, the increase is pegged at 27%.

Meanwhile, the number of Texas foreclosure homes during the quarter totaled a little over 11,000. This translates to a decline of over 20% from the same period of 2009 and an almost 4% decline when compared with the 2009 fourth quarter. These foreclosures sales account for 17% of the total number of residential properties sold.

Nationwide, real estate foreclosed homes sold during the first quarter reached a total of 232,959. This translates to over 31% of the total residential properties sold in the U.S. for the 2010 first quarter.

The figure represents a 14% decline when compared with the fourth quarter of 2009 and a 33% decline when compared with the 2009 first quarter. For the previous year's first quarter, foreclosed dwellings accounted for 37% of total homes sold.

According to market analysts, investors and first time home buyers continue the trend of purchasing foreclosed dwellings at record levels and at very cheap prices. Lenders have also started foreclosure proceedings on record numbers of homes. Analysts have added that it is possible that prices of real estate foreclosed homes, as well as regular dwellings, will deteriorate if lenders and banks are unable to properly manage their residential real estate inventories.
John Cutts has been educated in the finer points of the foreclosure market over 5 years.

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