Buy a Foreclosed House for Sale in Texas
Buying a foreclosed house for sale in Texas is a good investment option as home prices are expected to fall further because of the rising number of homeowners getting hit with default and foreclosure notices, based on data from an Addison-based real estate research firm.
The pace of foreclosures has been increasing particularly in the counties of Tarrant, Fort Worth, Dallas, Collin and Denton.
In Tarrant, a total of 1,814 foreclosure filings were posted for the November auction, a 35-percent increase from filings in November 2008.
Year-to-date foreclosure postings in Tarrant increased to 18,424, marking a rise of 26 percent from last year and a staggering increase of 97 percent compared to 2005.
In Collin County, foreclosure postings for the November auction rose by 38 percent. In Denton and in Dallas, foreclosure postings increased by 35 percent and 23 percent, respectively.
Meanwhile, in the Dallas-Fort Worth metro area, foreclosure postings for the November auction rose by over 30 percent from postings last year, but they slowed down compared to the previous month by six percent.
Despite the slight monthly drop however, housing analysts in the area expect the year 2009 to be the worst year for the region. Foreclosure researchers predicted that the Dallas-Fort Worth area will surpass 60,000 units for 2009, a record high in the history of the region.
Nevertheless, the foreclosure pace in the region is good for individuals hoping for improved home affordability and families looking for an affordable foreclosed house for sale.
The four counties of Tarrant, Denton, Dallas and Collin have a total of 5,554 residential units posted for the scheduled auction in November. This is the seventh time the four counties surpassed the 5,000-level over the last eight months.
Of the estimated 60,000 units posted for auctions in the region, analysts said that approximately 40 percent are actually auctioned off to buyers or repossessed by the banks. Most of the housing units posted are usually saved by the homeowners through the help of nonprofits and foreclosure prevention counselors under the Obama administration’s loan refinancing and modification programs.
However, based on modification data, many of these homeowners who obtain loan modifications fall into default again within several months of signing modification agreements because of various reasons including unemployment, income reduction and serious medical conditions by a family member. As a result, in several parts of Texas, it is not unusual seeing a family leaving a foreclosed house for sale.
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