Bargains on Foreclosed Homes Still Possible in Texas

Homebuyers looking for good deals when buying properties in Texas could still enjoy looking at numerous options available. Market experts recommend checking out the latest and updated listings of foreclosures that are up for sale in the area.

In the third quarter alone, there were up to 8,087 homes (in different stages of foreclosure) that were actually sold to various third-party home buyers in the state, according to data released by a property listing firm. The transactions accounted for up to 12% of total residential property sales in the entire state during the three-month period (from July to September).

As for price tags, Texas remains to be one of the foreclosed homes havens, where strategic and budget-conscious homebuyers could easily and certainly find available foreclosed homes at very reasonable costs. The average price of foreclosures sold in the state was at $146,858 in the same quarter. That was about 27% lower than the average price of sold homes that were not in foreclosure.

In comparison, there were 188,748 total homes in different stages of foreclosure that were sold to third-party homebuyers in the third quarter, on the national level. The average selling price was at $169,523, which was 32% lower than the national average price of sold homes that were not in foreclosure. It should be noted that the average price of foreclosed homes in Texas are lower compared to the average price of similar homes nationally.

Still in comparison, foreclosure in Texas could still be dwarfed when taken along with foreclosures in other states, particularly in Nevada, Arizona, and California, which have been topping the lists of states where rates of foreclosures are at their highest.

In Nevada, now the No. 1 in lists in terms of foreclosure rates, sales of foreclosed homes account for about 54% of total sales of residential properties during the third quarter. In Arizona, foreclosures made up about 47% of overall home sales in the period. Meanwhile, in California, foreclosed homes comprised of 40% of combined residential sales. It could be noted that prices of available foreclosure homes for sale are also significantly cheaper in such states than in Texas.

For more news and information about foreclosures and the current Real Estate market across the US, visit ForeclosureConnections.com. The Website posts updated news and developments about the industry on a regular basis.