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Lis Pendens Foreclosure Numbers Continue Their Slide in Houston



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By : Scott Zahid    99 or more times read
Distressed property totals that were up for auction in February 2011, including lis pendens foreclosure, dipped lower compared with a month ago and compared with the same 2010 month. Both commercial real estate and residential properties recorded lower numbers for the month, although total postings did record an increase over the same period.

Foreclosure listings in Houston, TX, have been declining in the past few months. Data for February 2011 showed that the number of foreclosures posted for auction increased from a year ago, but the number of properties that were returned to lenders declined for Houston and the whole Harris County area. For the February county auction, 747 foreclosures were recorded, representing a 10.75% decline from January 2011, when 837 properties were foreclosed on.

According to realtors, the number of foreclosures in Texas that are posted is usually higher than actual foreclosures since majority of homeowners that were delayed in paying their loans prior to the auction date are included in the count, but most of them do not end up in foreclosure. In terms of year-over-year comparison, Harris County recorded a 15.78% decline for February compared with the same 2010 month, when 887 foreclosures were recorded.

In terms of the number of auction postings for lis pendens foreclosure, commercial and residential postings for February totaled 4,418, representing an increase of 5.24% compared with January 2011, when a total of 4,198 postings were recorded. Compared with February 2010, when 4,333 postings were recorded, the total represented a 1.96% increase.

Although properties that end up in foreclosure listings are showing some declines in the region, analysts stated that they remain near record numbers. The highest total of foreclosures posted in the region was 4,777 back in October 1987. Comparing February 2011 postings with the figure, the difference is only a little over 7%. Analysts stated though, that foreclosure numbers will likely decline in the coming months.

Lis pendens foreclosure numbers are still a major concern for the area's housing market, but most analysts are optimistic that in 2011, the housing market crisis will ease down somewhat, particularly during the spring months, when homebuyers usually trek to the market to make a purchase. They added that the decline will continue in the next two years.
MostlyForeclosures.com, your source of real estate foreclosures.

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