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Dallas Residential and Commercial Foreclosure Lists Attract Buyers

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By : John Cutts    99 or more times read
Properties in Texas' residential and commercial foreclosure lists are being snatched by first time buyers and investors in considerable numbers. The first quarter of 2010 showed that over 17% of total home sales in the state are accounted for by houses under varying stages of foreclosures.

Foreclosure listings in Dallas, along with other major cities in Texas, have enjoyed a lot of attention from real estate buyers. A total of 11,155 foreclosed residential properties were sold in the state during the first quarter, with homes having an average selling price of over $132,000. Although the number of foreclosed properties sold during the period is down by almost four percent when compared with the last quarter of 2009, the number of units sold is still considered high.

When compared with the same quarter of 2009, the number of houses from Texas foreclosure listings that were sold recorded a decline of over 20%. The decline is slightly higher when compared with nationwide numbers which posted a 14% drop compared with the 2009 fourth quarter and a 33% drop from the same period a year ago.

Properties under commercial foreclosure lists are also attracting the attention of buyers, although sales rates are not as high as residential foreclosures. When it comes to occupancy rates, commercial structures like shopping malls and centers in the Dallas-Fort Worth area showed a slight decline, with the occupancy pegged at 86.2% by the end of June. Occupancy rates in commercial buildings were at 86.4% as of the last quarter of 2009.

The list of foreclosure properties in Texas remain a focal point of interest for home buyers and real estate investors. According to analysts, the local property market is relatively healthy compared with other metro areas' housing and commercial property markets. The trend is expected to continue until the end of the current year.

With properties under residential and commercial foreclosure lists achieving enough sales during the first quarter of 2010 and vacancy rates among commercial buildings remaining at manageable levels, Texas real property analysts are confident that the state's property market will continue to perform better than most metro areas of the US.

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