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Foreclosures Lists and Filings Increased in Texas in January

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By : John Cutts    99 or more times read
The number of properties under foreclosures lists and foreclosure-related filings increased in Texas last month, with the region posting a jump of over 20% during January 2011 when compared with January 2010 figures. January figures were also higher when compared with the previous month.

Houston foreclosure listings and the rest of Harris County accounted for the biggest percentage of the foreclosure total recorded statewide last month. The county posted a total of 3,875 filings in January, with most of the rest of Texas also recording higher foreclosure totals. For the whole state, 14,897 foreclosure-related filings were reported last month, representing a 22% surge when compared with January 2010.

The monthly figure included notices of default, foreclosure auctions, repossessed properties and properties under Texas foreclosures listings. When compared with December 2010, the January total represented a jump of 33.46%. This means that one household out of every 653 units in Texas was in some stage of foreclosure during the month of January. Houses that were sold last month had an average price of a little over $189,500.

Texas was not the only U.S. area that posted increases in filings and foreclosures lists. The whole country posted a jump of 17% in terms of foreclosure-related filings last month compared with January 2010. However, housing market analysts noted that January marked the third month in a row that the country has recorded filings below the 300,000 mark. The three months of successive fewer filings came at the heel of a 20-month non-stop total of over 300,000 filings.

However, housing experts stated that this does not signify that the residential property market is getting better. They claimed that the market still favors those who buy repossessed houses for sale over home sellers. They further stated that the decline only shows that lenders are getting overwhelmed with the massive amount of foreclosures flooding their books and are taking longer in processing these distressed properties.

Majority of industry experts are expecting filings and foreclosures lists numbers to continue to rise this year. They stated that more foreclosures will enter the market as lenders restart cases that were stalled in the fourth quarter due to the nationwide moratorium.
John Cutts has been educated in the finer points of the foreclosure market over 5 years.

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