Bank Owned Foreclosed Homes And Government Foreclosure Properties

Friday, March 7th, 2008

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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Thursday, March 6th, 2008

Los Angeles definitely has seen better days but there were none throughout 2007 as homeowners kept defaulting and the number of Los Angeles bank foreclosures kept rising. There had been certain amount of binge in the housing markets but it was definitely a rare sight in 2007 in some of the hottest markets like California. The maximum number of California foreclosure homes was recorded from Stockton, which is now at the top of the list. In fact, coastal California cities have been doing much better as compared to other parts like Los Angeles. California ended the year with 57,158 bank foreclosures, which is an increase of 120% as compared to the same period in 2006 and 7% more than what it was beginning of December 2007.

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Tuesday, March 4th, 2008

The year 2007 brought no relief whatsoever for the ailing property market as more and more homeowners slipped into the foreclosure oblivion. There was a time when foreclosure auctions took place only once a week in the Sacramento County courthouse but last year there were more than too many in a week. The County witnessed an increase in foreclosed houses with the number reaching 1,866 in the second quarter as compared to 857 around the same time in 2006. This is a stupendous increase of 118% and probably one of the reasons why the newspapers are talking only about Sacramento foreclosure homes.

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Monday, March 3rd, 2008

Texas bank foreclosures saw a new high in 2007 and were mainly due to the spike in the number of foreclosed homes in the Dallas-Ft. Worth area. Most of the counties contributed to this sudden increase in bank foreclosures and some of them include Tarrant County, Rockwall County and Johnson County. Tarrant County went on to record 1,921 homes entering foreclosure by April, which was seen as a 12% increase from March and the foreclosure rate in the county was one per 295 homes. Tarrant County was followed by Rockwall County that showed 113 homes in foreclosure with a rate of one per 136 homes.

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