Houston Foreclosure Homes Are Doing Well

The Houston foreclosure market has seen a lot of turbulence in the past, which ahs resulted in high number of Houston bank foreclosures. But then that was the past! Off late, Houston has shown a tremendous change with the foreclosure filing rates actually falling down, which led to lesser number of bank foreclosures. Experts feel that the market is still unpredictable but homeowners feel that 2008 might bring more relief, government laws and a better interest rate so that people don’t get trapped in the current interest rates.

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The rate of Texas foreclosure homes increased in the first two quarters of 2007 and then plunged. Nationally there were 2 million foreclosure filings in 2007, which is an increase of 75% as compared to 2006. In Texas though, the story was a little different because the total number of filings by the last quarter of 2007 were 149,703. As a result of this, the total percentage change in Texas bank foreclosures dropped by 4.57% in comparison to 2006. The rate of foreclosure per home in Texas was 0.936%.

The overall lower rate of foreclosure homes in Texas can be contributed to the lower rates recorded by the end of 2007 in certain metro areas like Dallas and Houston. Some of the counties like Harris County showed a plunge in the rate of foreclosures. The rates in this county fell by almost 6% as compared to the rates of 2006 when it recorded 3,006 homes in foreclosure. Due to the overall lower rates last year, one can safely assume that this will have a positive impact on Houston foreclosure homes in 2008. Homeowners are waiting with anticipation at the end of the first quarter of 2008 to understand how affected they might be.

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