For those involved in distressed real estate investing, some areas of Texas can offer a lot of choices as foreclosure rates in these regions have continued to increase during 2010. Although the Texas' housing market has performed better compared with most of the U.S. states, some cities and counties in the state have suffered from foreclosure increases during the year.
A number of markets in Houston posted higher foreclosure rates in 2010 compared with the previous year, with Kingwood foreclosures and Harris County distressed properties recording increases during the year. At Harris County, foreclosed property numbers rose by 15.75% in 2010 compared with 2009. Around 47,650 foreclosures were posted in the county for 2010, with 2009 foreclosed property numbers totaling 41,169.
Texas foreclosures remain below records posted during the late 1980s when hundreds of Savings and Loan businesses failed. Harris County had a total of 50,238 properties repossessed by owners in 1987. However, the county almost broke the record-setting foreclosed property total posted in one month back in October 1987 when 4,773 foreclosure properties were recorded.
The area offered 4,719 properties in the auction scheduled December 7, bringing the number close to the October 1987 record. People involved in distressed real estate investing are offered more chances in December 2010 as properties under some form of foreclosure rose by almost 18% when compared with the same 2009 month. For the December 2010 auction, 1,241 properties were posted, representing an almost 15% increase when compared with December 2009 for which 1,080 foreclosed properties were offered at auction.
According to housing market analysts, foreclosures are likely to continue to increase in the area in 2011. Most industry experts are predicting that the worst is still waiting ahead for the county's housing market. They stated that the main factor behind the prediction is that foreclosed property number in the region lags behind job market-related indicators.
Although the whole state of Texas is doing relatively better than other U.S. states in terms of foreclosure rate, pockets of areas like Harris County continue to struggle, with most local markets in this region attracting more people interested in distressed real estate investing. The trend is expected to continue until the end of 2011.
For over 10 years, John Evan Miller has provided exceptional information on the foreclosure market.
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