Several areas of Texas are expected to continue to have troubles with the housing market. According to local analysts, lis pendens foreclosure and distressed property numbers will continue to increase in some areas this year, and majority will not experience much change from last year in terms of housing market trends.
Foreclosures in San Antonio, TX, and in the rest of the state are expected to remain the same, with local analysts stating that the best news for the state's market is that it will be highly unlikely that things will get worse. However, they did claim that 2012 will be the start of the recovery of the Texas residential property market.
Sales of foreclosed homes for sale in Texas and other dwellings will not pick up unless the job market improves. This is the issue that almost all economists and analysts agree on. For Harris County, the job market is also identified as the main factor that could drive improvements in both residential and commercial property markets. Just like the rest of Texas, Harris County is not expected to gain much ground this year, but will start improving come 2012.
County housing reports for December 2010 showed that the average price of residential properties, including those under lis pendens foreclosure, has risen by 2.2% compared with the same 2009 month. However, particularly for single family dwellings, sales were down over the same period, with volumes posting a 3.9% decline from year-ago levels.
Condominium units and town houses sales also declined in 2010 in Harris County, with the region posting a 9.4% drop from 2009 figures. Foreclosed homes for sale numbers and housing sales volumes and prices are forecasted to maintain the same figures this year. However, the new housing market is projected to rise slightly in 2011, reversing a two-year period characterized by flat sales. Over 19,000 housing starts are expected to happen in the county, particularly in the area of Houston.
Last year, Harris County posted a total of 47,652 lis pendens foreclosure activities, representing a 16% rise from 2009 levels. The region had a foreclosure rate of 0.18% in 2010, and although this is not too bad compared with other U.S. regions, analysts stated that it will also not improve much this year.
John Cutts has been educated in the finer points of the foreclosure market over 5 years.
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