Foreclosure activity declines across Texas

At the end of September, one in every 1,159 Houston homes were in some stage of the foreclosure process.The housing market in Texas has outperformed national averages in recent years, and continued to do so in the third quarter.During the three-month period, foreclosure activity across the Lone Star State declined 17 percent from a year earlier. This was caused, in part, by a strong economy and a low unemployment rate allowing homeowners to stay on top of their monthly mortgage payments.??”We've been waiting for the other foreclosure shoe to drop since late 2010, when questionable foreclosure practices slowed activity to a crawl in many areas,” said RealtyTrac vice president Daren Blomquist.However, the Houston housing market is not an area experts believe might see rising foreclosure activity in the near future.At the end of September, one in every 1,159 Houston homes were in some stage of the foreclosure process. Although this was slightly higher than the Texas ratio of one out of every 1,336 homes, it was well below the national average of one in every 730.??Local buyers on a budget may want to consider the prospect of purchasing a distressed property. Because these homes sometimes come in less-than-perfect condition, they are often sold at a bargain price. ?Real Estate News brought to you by 2M Realty, a true expert in the online real estate market.

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