Compared to other parts of the country, foreclosures are few and far between in Texas. However, when they do take place, the process is fast – enabling the Houston real estate market to recover quickly.
According to a recent report released by housing data firm RealtyTrac, the average time in which it took for a home in Texas to complete the foreclosure process in 2012 was 113 days. That’s the shortest time of all the states, ahead of Delaware at 145 days, Virginia’s 146 days, Alabama at 163 days and Maine’s 168 days.
Meanwhile, New York had the longest foreclosure completion time in 2012, taking an average of approximately1,100 days – nearly three years altogether. Other lengthy foreclosure processes were found in Florida, Hawaii and Illinois.
Real estate experts say that thefaster a home goes through foreclosure the better, as it helps the market offload its backlog of inventory.
A small percentage of Houston homes sold have been foreclosed upon. According to the Houston Association of Realtors, they currently comprise only 14 percent of property sales, with the average listing price being $84,200.
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