Even without the U.S. federal government's tax credit program, some areas in Texas were able to record a drop in foreclosure numbers for the first quarter of 2011. Both Collin and Dallas Counties posted lower foreclosure totals for the first three months, but analysts stated that this might just be temporary as figures are expected to rise again this year.
Foreclosure data for the 2011 first quarter, including foreclosed properties scheduled for the March auction, showed that Richardson foreclosures for sale and foreclosure numbers for the rest of Collin County had declined by 4% when compared with the fourth quarter of last year. Despite the decline, analysts warn that the housing market is still not out of the woods.
According to them, Collin and most of the local areas of the state will likely post higher totals this year as more homeowners are still facing foreclosure threats. This, analysts stated, is probably good news for people who want to buy foreclosures in Texas, but it is definitely not so good for homeowners and house sellers.
Although quarter-over-quarter statistics showed a decline in Collin, year-over-year data remained the same. According to realtors, the fact that the 2011 first quarter has remained flat when compared with the 2010 first quarter might be partly due to the tax credit program that was still in effect during the first three months of last year. They explained that housing data for last year's first quarter has been inflated by the program, making it look better than it really was.
Data for March 2011 alone saw Collin County posting a decline of 4% when compared with February 2011. The decline between the two months was the lowest among all counties in Texas, realtors have revealed. For people buying foreclosed homes, realtors also stated that the coming second quarter might offer more choices as foreclosures are expected to rise again once the country enters the spring season.
Without tax credit, real estate agents are concerned that fewer people will buy foreclosed houses this time around. However, they did say that the coming two or three months would be the best time to invest in real estate as prices have remained low and interest rates have yet to record a significant increase.
John Cutts has been educated in the finer points of the foreclosure market over 5 years.
Notice: In accordance with FTC guidelines, we state that RealEstateProArticles.com has financial relationships with some companies and may be compensated if consumers choose to buy, subscribe or take any action to a product or service via the links on our website. Occasionally, we receive free access to review a product or service. We do not accept compensation in exchange for a positive review. These reviews are strictly the opinions of the author.
![[Valid RSS feed]](http://www.realestateproarticles.com/images/icon_Rss.png "XML Feed For RSS"){kind=icon}
Category Rss Feed
Print This Article
Add To Favorites