Texas Ranked 24th Nationally in Foreclosures
According to Realty Trac (realtytrac.com), foreclosure filings in November placed Texas in 24th place of states having the most foreclosures. The Texas activity rose to 12,095 foreclosure filings, up 3 percent over October filings and 54% above November of 2008.
If there is any good news here, it’s that things could be worse. Due to short sales and loan modifications, the amount of foreclosures is not as high as it could be. Actually the foreclosure filings in Texas for November only accounted for 4% of the 306,627 filings reported nationwide for the month according to Realty Trac.
In the Houston area market, there have been over 11,000 single family home foreclosures sold through the Houston MLS. That’s about 20% of all the single family homes sold in the area during 2009. More than 80% of the foreclosures were in homes priced under $150,000. Just a note here. Don’t confuse or compare the number of filings with the homes that sold. Filings means homes that were posted at the courthouse to go into foreclosure. The homes that sold were homes that had already gone through the foreclosure process anywhere from a few months to a year(or more) ago. The time it takes to go from foreclosure to going up for sale to the public can differ from house to house. Some homes can set vacant for quite a time after foreclosure while title problems, etc. get cleared up.
Foreclosures will always be with us in good times and bad. We are expected to see more coming on the market throughout 2010. For a current list of foreclosed properties, feel free to contact me.
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