The foreclosure market in Houston has not been stable enough and shows various high’s and lows. In some of the months, Houston has recorded a high rate of bank foreclosures while in other months, the rates have plunged down. It is difficult for even experts to predict how the Houston market will behave in 2008. Largely, there has been a steady increase in the number of Texas foreclosure homes in the earlier half of 2007. There have been 2 million foreclosure filings in the US in 2007, which is a straight increase of 75% from the previous year. The total foreclosure filings in Texas at the end of 2007 were 149,703, which was a drop of 4.57% as compared to 2006. This was one of the reasons why there were less Texas bank foreclosures in 2007. The foreclosure rate per household was 0.936%.
The low rates of foreclosure can be contributed to various metro areas like Dallas, Austin, and Houston where some of the counties have seen a dip in the rate of foreclosure homes. By the end of the second quarter there was a visible decrease in the foreclosure rate in Harris County, which dipped 6% in July 2007 as compared to July 2006. Harris County recorded 3,006 Houston bank foreclosures in August 2006. But due to lower rates in 2007 in the county, the total foreclosure filings in Houston in 2007 was 39,220, which was a 4.08% change from the rates in 2006. This offers some relief for Houston homeowners and those across Texas as they feel that in 2008, the rates might further go down and there will be lesser number of Houston foreclosure homes.
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Written by Alex Rolim.
