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Sales of New Houses and Repossessed Properties for Sale Dip in Texas

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By : John Cutts    99 or more times read
Residential property sales for November 2010, including figures for repossessed properties for sale, declined in most areas of Texas when compared with the same 2009 month. However, year-by-year sales statistics showed a minimal decline when compared with month to month figures. Analysts stated that yearly data is more reliable in terms of assessing the condition of the housing market.

The number of Corpus Christi foreclosed homes and other residential types sold in various markets of Texas declined for the most part in November. In Austin, one of the key metro areas of the state, sales of housing units fell by 20% for November 2010 compared with November 2009. A total of 1,243 residential properties were sold in Austin during the month in focus. The single family dwellings sold for the month produced a total amount of $311.5 million.

Compared with month-to-month sales figures, year-to-date numbers are in a much better position. Texas bank foreclosures for sale and non-foreclosed single family residences sold for the year so far totaled 16,477. This represents a decline of only 6% when compared with 2009. Most analysts believe that this year-to-date figure is a better gauge of the real status of Austin's housing market than the month-by-month comparison.

According to housing analysts, the decline in the sales of residential properties, including repossessed properties for sale and new dwellings, can still be attributed to the tax credit program of the U.S. federal government. The program, most analysts stated, raised sales figures in 2009, making the current year's figure lower upon comparison. They also stated that this makes year-to-date figures even more significant for 2010.

When it comes to the length of time foreclosure bank homes and new dwellings stayed in the market before they were sold, the average time for November 2010 was around three months. This is 17% longer than the length of time houses remain unsold in November 2009. When year-to-date time is considered, houses in 2010 spent a shorter time compared with 2009, with the difference pegged at 4%.

The median price of residences, both new and repossessed properties for sale, for November 2010 was 3% higher than November 2009. For year-to-date comparison, this year's median price was also 3% higher than the median price of the previous year.
John Cutts has been educated in the finer points of the foreclosure market over 5 years.

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