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Bank and HUD Foreclosure Homes List Gets Cold Shoulder from Buyers

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By : John Cutts    99 or more times read
Single family dwelling sales for both non-foreclosures and those under bank and HUD foreclosure homes list declined in Houston, Texas in November 2010. However, although sales declined, prices of residential properties rose in the city for the same month.

The number of single family housing units sold for the month, including both Houston foreclosures for sale and regular residences, dropped by 22% in November 2010 compared with the same 2009 month. In terms of year-over-year figures, sales for the current year decreased by 5.6% compared with 2009. According to city housing data, sales activities remained strong in the lowest and highest priced segments of the market, with middle-priced dwellings recording the biggest decline.

Single family properties in non-foreclosure and Texas home foreclosures list with prices ranging from $80,000 to $500,000 were mostly ignored by homebuyers and investors. The sales decline in this price range dragged the whole monthly sales figure down compared with previous year's levels. However, both median and average prices of homes improved during the month.

According to housing industry reports for November, the higher than usual sales in the luxury residential properties segment helped pull the prices of houses up. For the month, the average price of single family houses sold, including non-foreclosures and those under bank and HUD foreclosure homes list, was at $219,560. This represents a jump of 11.8% compared with November of last year.

Meanwhile, median prices of non-foreclosure single family residences and houses in listings of foreclosed properties edged up to $152,500, representing an increase of 1.7% from November 2009. When it comes to sales of all types of properties, November posted a decline of 22.2% compared with the same month in 2009. Total property sales for November of this year reached 4,200. In terms of total U.S. dollar amount, properties sold in November 2010 reached $906 million, translating to an 11.6% decline compared with last year's $1 billion total.

According to housing market analysts, the current figures show that the housing industry of Houston is taking some time to recover following the end of the federal tax credit which resulted in high sales of properties under bank and HUD foreclosure homes list during the first half of 2010.
John Cutts has been educated in the finer points of the foreclosure market over 5 years.

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