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Home Values, Including Those in Federal House Lists, Decline in D-FW

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By : John Cutts    99 or more times read
Housing market reports have revealed that values of residential properties including foreclosed, non-foreclosures and even those in federal house lists have declined in the region of Denver-Fort Worth, Texas by over $10 billion in 2010. The decline for the current year also represents an increase from the previous year.

A number of housing reports have estimated that the value of non-foreclosed dwellings and properties in Fort Worth home foreclosures list dropped by an estimated $11.7 billion during 2010. Last year, the estimated decline was pegged at $7 billion. The decline was primarily attributed to the huge number of residential property foreclosures found in the region and the ongoing economic recession.

According to housing industry experts, although listing of Texas home foreclosures for sale were at their highest levels during the start of the year, housing values actually improved because of government interventions, particularly in the form of the tax credit initiative designed to lure first time home buyers to purchase residences. However, the second half of 2010 following the expiration of the tax credit put the market back to its downward path which is expected to last until early next year.

Analysts have added that the number of foreclosed properties under bank and federal house lists maintained their near-record levels in the second half of the current year. This, along with high negative equity rates, will continue to bring hardships to homeowners until the first half of 2011, analysts have predicted.

Nationwide housing values are not doing any better than Texas areas, housing analysts have reported. With the number of homes under foreclosure property listings continuously rising, residential markets all around the U.S. also continue to lose value, with nationwide markets expected to lose $1.7 trillion by the end of the current year. If this estimate materializes, the total housing value loss in the whole country caused by the foreclosure crisis will climb to $9 trillion.

Housing data also showed that only around 30 or so local housing markets experienced value gains during 2010. The highest value increase for the year was recorded in Boston at $10.8 billion, followed by San Diego at $10.2 billion. For the rest of the country, further value declines are predicted for next year unless the number of foreclosed properties in bank and federal house lists show some improvement.
John Cutts has been educated in the finer points of the foreclosure market over 5 years.

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