You can get an idea of the current state of the Texas housing market by looking at foreclosures. Depending on how many there are, how fast they’re hitting the market and how long they stay there, you could either see positive signs of recovery or red flags for an impending crisis.
If you’re like us, you may be curious to see how Texas foreclosures are affecting our local markets. After all, a growing inventory of distressed housing isn’t good for any of us. Too many distressed properties will bring home values down, burden lenders and chip away at buyer confidence.
Let’s take a look at some recent data found on RealtyTrac.com; specifically, the pace of Texas foreclosures.
According to RealtyTrac, 1 in every 1,099 housing units received a foreclosure filing in June.
Counties with higher rates of foreclosure activity included Dallas, Harris and Tarrant:
Harris: 1,974 foreclosure properties; 1 in every 810
Dallas: 1,152 foreclosure properties; 1 in every 819
Tarrant: 1,026 foreclosure properties; 1 in every 697
Although these numbers may seem intimidating, there is some good news. Local markets have been seeing gradual improvements in their foreclosure rates. Dallas, for instance, saw a -1.4% decrease in foreclosure activity year-over-year and Frisco saw a whopping -4.2% decline. It appears the Texas housing market is back on track, but there’s still room for improvement.