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Growth Expected in New Home Market Despite Foreclosure Tax Deed Sales

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By : John Cutts    99 or more times read
Residential property market analysts are confident that housing starts in Houston, Texas, will grow this year after almost two years of poor performance. According to them, despite competition from foreclosed properties and tax deed sales, home builders will be able to hold their own this year better than they did in the previous two periods.

According to analysts, the huge number of properties offered at foreclosure auctions in Houston will still pose some problems, but new houses will post improved sales figures this year, mainly because of an anticipated growth in state economy. Analysts also stated that low interest rates will encourage buyers to invest in new dwellings. Moreover, the metro area is considered one of the U.S. regions on course for a job market growth this year.

Housing experts admitted that the area's residential property market still has a long way to go to get back to normal, especially since properties at Texas foreclosure auctions are expected to rise further this year. However, they argued that improvements in other economic indicators will improve consumer's confidence and will revive state residents' interest in homeownership. Home builders are reportedly projecting almost 19,000 new home projects in Houston alone this year.

Another good thing about Houston, according to industry analysts, is that its housing market seemed to have already reached its lowest point. Unlike other metropolitan areas in the U.S. that are still experiencing rising foreclosures and residential tax deed sales, Houston is said to have already hit bottom and is already on its way up, although any improvement this year will be minimal.

Furthermore, buyers are expected to turn their attention to foreclosed homes for auction and new residential properties as those residents living in apartments get tired of rising rental rates. The rise in the demand for rental housing has resulted in higher rental rates and limited space in highly desired communities. This, analysts stated, will eventually benefit the homeownership market.

Economists are also asserting that the growth of Houston will be significantly aided by strong oil prices. The oil industry is reportedly poised for expanded hiring, and the more jobs there are, the more buyers there will be of residential foreclosures and tax deed sales and even new dwellings.
John Cutts has been educated in the finer points of the foreclosure market over 5 years.

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