Foreclosures in Texas Decline in Some Counties

The number of residential properties to be sold as foreclosures in Texas for the auction month of August has declined in some counties. For the Dallas-Fort Worth area, the August figure is the fourth consecutive month of decline which analysts are touting as a good sign for the housing market of the whole state.

The number of homes in bank owned property listing has dropped in Dallas-Fort Worth, while homes up for sale in the coming August block are also fewer than previous month's total. Lenders had a total of 4,671 houses posted for auction for August, according to the locally-based Foreclosure Listing Service.

This translates to a three percent drop compared with foreclosure filings of the same period one year ago. Compared with July, foreclosed and repossession houses for sale for the coming month are lower by 17%, a development being seen as a promising sign for the local housing industry by real estate market analysts.

However, the good news is still not enough for analysts to declare a market recovery, particularly when mortgage defaults remain at record levels and foreclosures in Texas are still expected to make another wave in the coming months. The number of defaulting homeowners is particularly high in the North Texas area.

Some real estate observers are expecting foreclosure numbers and fixer homes for sale to continue to record high figures for the rest of 2010. They claim that the housing market is not going to rebound overnight. Some worrying implications are also nagging at analysts.

For one, they claim that foreclosure is a lagging economic indicator, which means that improvement in other indicators should be achieved first before foreclosures reach manageable levels. Employment numbers, analysts declare, is the primary indicator that could help pull the housing market up.

In addition, year-to-date figures are actually higher than a year ago at the Dallas-Fort Worth area, with over 42,000 homes falling under foreclosures between January and August 2010 which represent a six percent increase from the same period of a year ago. Furthermore, not all these houses are sold once posted.

Overall, foreclosures in Texas have declined in most areas, including Tarrant and Denton. However, the percentage of decline is still not enough to pull the whole state's housing market towards the recovery path.

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