Home prices for properties in foreclosure listings in Houston, TX dropped last November. Foreclosed homes are still cheap in the city. By ForeclosureDataBank.com
The Real Estate market in Houston, Texas, shows signs that it would still take longer for it to rebound and recover from a housing downturn. However, there is good news to homebuyers who are looking at available homes at foreclosure listings in Houston, TX. Foreclosures in the area slowed down in November. At the same time, prices were made irresistibly attractive to lure strategic home investors and buyers.
Just like foreclosure in New York and in other cities and states in the US, foreclosure in Houston fell. Sales of foreclosed homes in the city dropped 9.3% last November compared to sales of such homes in November 2009. Homes in foreclosure listings in Houston, TX accounted for 19.6% of overall sales of properties in the city that month. It was 2.3% short than how much foreclosures accounted for home sales in October.
The median home price of homes in foreclosure listings in Houston, TX dropped 15.3% to $78,750. That was compared to median price in November last year. This data, according to several analysts, is an indication that the Real Estate market in the city would be able to recover at a longer duration. It was also affected by the expiration of a home buyer tax credit program in the second quarter this year.
The bigger picture remains bleak in the city. Total dollar volume of homes that were sold in Houston last month was at $906 million. That compared to $1 billion in the same month last year. It was an 11.6% decline.
Meanwhile, foreclosure in New York has also dropped in November. This could still be attributed to the effect of lenders’ decision to halt foreclosure activities nationwide. The action was prompted by a foreclosure scandal, wherein numerous homeowners complained about the flawed foreclosure procedures of banks.
Foreclosure in New York was also dragged down by the usual drop of foreclosure activities every month of November.
For more information, keep on reading ForeclosureDataBank.com. This Website has also up-to-date foreclosure listings in Houston, TX and in other cities and states across the US.
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