Repo auctions and foreclosures fell in Houston in March 2011 compared with last year. However, analysts claim that the foreclosure problem is still rampant.
Although foreclosures and tax deed sales remain high in Houston, analysts are expecting the new housing market to improve in 2011. Over 19,000 new houses are planned in the metro area for the year.
The number of properties under listings of residential foreclosures to be offered at the February 2011 auction increased in Austin, Texas. Compared with the same month of 2010, the rise is almost 15%.
FHA homes for sale and other foreclosed houses offered at auctions in Texas are not all sold. Reports show that only around 6% are purchased by third parties.
As Freddie Mac listings and foreclosures rise in Texas, the business of self-storage also grows. Auctions for storage items have reportedly risen in the state.
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FSBO property sellers will continue to face tough competition from foreclosures in Hays County in 2011. The number of foreclosed properties up for auction in the county for February 2011 has risen.
The huge number of foreclosed and bankruptcy homes contributed to the slowdown in housing construction in North Texas in the fourth quarter. According to analysts, sales also declined in the quarter.
The number of foreclosed houses and Fannie Mae repo homes in Dallas is expected to continue to rise in 2011. Analysts made the prediction after foreclosures for the February auction increased.
The apartment market in most Texas areas is doing better than the home selling market. According to reports, apartments are getting rented faster than repossessed properties for sale are getting sold.