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November Sales of Residential Foreclosed Homes Decline in Dallas

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By : John Cutts    99 or more times read
Residential foreclosed homes and non-foreclosure dwelling sales declined in Dallas-Fort Worth, Texas for the month of November 2010 compared with the same 2009 month. Analysts are predicting that the coming month of December will see further declines in the area's housing sales.

Single family units, including non-foreclosures and Dallas foreclosures for sale, TX, that were sold in November totaled 4,250, representing a 25% decline when compared with the same 2009 period. November 2010 home sales numbers were the lowest recorded since February. So far, housing sales in the North Texas region have declined by 7% when compared with previous year's totals.

The total number of residential properties, which includes Texas foreclosures homes and non-foreclosures, sold in the northern area during the January-November 2010 period was around 59,000. In the Dallas-Fort Worth area in particular, home sales have declined significantly since the federal tax credit program expired in the second quarter of the year.

Aside from the expiration of the tax credit program, analysts also cited the seasonal decline that usually happens during the last few months of the year. According to them, this time of the year is usually the period when buyers of both residential foreclosed homes and regular houses stay away from the market. Realtors and agents supported this assertion and reported fewer buying activities during the last quarter.

Most housing industry analysts believe that the lack of buying activities which involve residential properties like foreclosure property units will continue for the rest of the year. They also stated that next year's sales will depend on the condition of the economy and the job market. However, they are optimistic that employment and the economy are both looking up.

Meanwhile, prices of homes sold during the month rose by 1% compared with last year. The median selling price was $142,000. Analysts stated that the slight increase is mainly due to the rise in the number of high-end houses sold during the period.

Sales of pricier residences jumped by 10% in the Far North Dallas and climbed 88% in North Dallas compared with the same period of 2009. On the other hand, sales of low and moderate priced dwellings, including residential foreclosed homes, declined in most Dallas markets when compared with year-ago levels.
John Cutts has been educated in the finer points of the foreclosure market over 5 years.

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