Texas State Foreclosure Rates Down, Home Prices Up

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Erath County homeownerAs any Stephenville or Erath County homeowner with their ear to the ground might well know, the Texas real estate market has made major strides in 2013, and over the past 12 months as well. For those who need hard facts to support this claim, look no further than a recent report by real estate data and analytics company RealtyTrac, which sees several positive statewide real estate trends that point toward the success of the Texas market after several down years.

The report, which includes data on homes through the end of May, saw foreclosure rates in Texas down 17 percent month-over-month from April. Foreclosure rates in Texas were also 50 percent lower than at the same time in 2012.

And despite the fact that some have shown concern over the recent state of real estate nationwide, Texas home sales went up 1 percent month-over-month and 3 percent year-over-year. Also in terms of home trends, the median list price for May homes in Texas went up $4,895, or 3 percent, to $189,895 since the month of April.

And for those looking to cash in on foreclosures by purchasing so-called “distressed homes,” which include homes that have recently been through a foreclosure or short sale, Texas reported a 3.2 percent, $3,000 foreclosure discount for May. This was actually down in terms of foreclosure discounts over the previous months, but that’s not necessarily a bad sign for Texas homeowners. In fact, it makes sense that foreclosure home prices are rising as their inventory becomes less and less available, which is not only a good sign for Texas home prices, but also for the Lone Star State’s economy at large.

Another interesting finding for Erath County area homeowners from this RealtyTrac report was that Dallas homes saw a 12.1 percent spike in year-over-year sales, with 2,115 properties being sold.

The Erath County and Texas housing markets are currently presenting some amazing opportunities, and as local experts, it would be our pleasure to show you around the great Erath County-area homes at our disposal. For more information on local real estate, please contact us.

 

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