Foreclosure activity declines, Houston housing posts promising numbers

During July, foreclosure sales activity in Houston was relatively flat compared to a year earlier.In the wake of the housing market collapse, foreclosure activity had a negative impact on property values across the country. Although Houston homeowners have been relatively resilient to this trend, other households in Texas have not been so lucky.Nationwide, there were only 58,000 completed foreclosures during the month of June, according to a report from CoreLogic. Although this may seen like a large amount, it was a 16 percent decline from a year earlier, and down from 62,000 in June.”Alternative resolutions are helping to reduce foreclosures and often result in a more positive transition for the borrower and lower losses for investors and lenders,” said CoreLogic president and CEO Anand Nallathambi.Foreclosure completions in Texas during the 12-month period ending in June were among the highest in the nation, the report said. By the end of this period, nearly 57,000 foreclosures were completed in the Lone Star State.Meanwhile, in July, foreclosure sales activity in Houston was relatively flat compared to a year earlier, according to the Houston Association of Realtors. During the month, distressed properties accounted for 16.3 percent of all sales, at a median price of $80,199. While this may appear to be a notable share, it was a major decrease from the peak share of 27.8 percent experienced at the beginning of 2012.? Real Estate News brought to you by 2M Realty, a true expert in the online real estate market.

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