Texas foreclosure activity declines, but still elevated

In October, roughly one in every 948 properties in Harris County were in some stage of the foreclosure process.Foreclosure activity has had a much smaller effect on Houston real estate than in many of parts of the country. However, during the year ending in October, home repossession activity throughout the Lone Star State remained elevated.According to a recent report from CoreLogic, there were an estimated 59,000 completed foreclosures throughout Texas in the previous 12 months. As a result, the state had the fourth-highest rate in the country.Meanwhile, during the month of October, roughly one in every 948 properties in Harris County were in some stage of the foreclosure process, according to a report from RealtyTrac. Although this may seem like an elevated rate, it was a well below the national rate of one if every 706 homes.Foreclosures can have a significant impact on a number of different aspects of a housing market. Not only do they contribute to falling property values, but they also weigh heavily on buyer and seller confidence. Luckily, due to a strong local economy Houston residents likely won't have to add this factor to their homebuying plans in the near future.? Real Estate News brought to you by 2M Realty, a true expert in the online real estate market.

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