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Most Houston Foreclosure Homes Belong to Lower and Moderate Earners

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By : John Cutts    99 or more times read
A residential property market study reveals that, for the current year, 80% of Houston foreclosure homes and other residential foreclosures in the state of Texas are valued at $200,000 or less. The study, conducted by the housing tracking firm Foreclosure Listing Service Inc., shows that majority of residents who suffer from foreclosure are low and moderate income earners.

According to local analysts, a big number of foreclosed dwellings in the state, including JP Morgan homes, are owned by average families and individuals. The study by Foreclosure Listing included the 19 counties of the state and covered all filings, including filing data for October.

The situation in Texas is the same in most areas of the U.S. where foreclosure has mostly hit average Americans. Arizona foreclosed homes, and even those in Florida and California, are mostly owned by middle income and lower-earning borrowers. However, analysts believe that this will not be the case for much too long.

The most recent data on Texas housing showed that the number of affluent residences under listings of foreclosed homes has started to rise, which means that the housing market problem will not spare even higher earning homeowners. State housing statistics showed that affluent neighborhoods are the fastest growing foreclosure segment in Texas in the past couple of months.

The study from the foreclosure tracking firm reveals that the number of Houston foreclosure homes and other foreclosed dwellings in the state that have values of at least $1 million has risen by 27% during 2010. Although these luxury residential properties account for only less than one percent of residential foreclosure filings in the state, the number is growing and the percentage is expected to escalate in the coming months.

Meanwhile, in the area of Dallas-Fort Worth, foreclosure filings for residences jumped by 4% in the current year, with cheaper houses recording the highest increase in terms of foreclosure filings. The number of filings for dwellings that are worth less than $100,000 rose by 19% in Dallas-Fort Worth for the current year compared with 2009.

The luxury residential segment recorded the second highest increase in Dallas-Fort Worth, with the sector posting a 14% rise compared with 2009 numbers. This trend is expected to also happen in other areas of the state, with Houston foreclosure homes the most likely to follow Dallas and Fort Worth's path.
John Cutts has been educated in the finer points of the foreclosure market over 5 years.

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