Report: Foreclosures on Houston homes down

Foreclosures down in HoustonThe number of houses in Houston being successfully foreclosed at a recent auction in Harris County dropped, even though more properties were listed than last month, Foreclosure Information and Listing Service told the Houston Business Journal.

On a yearly basis, the 747 properties which were foreclosed during the group's auction earlier this month represents a nearly 16 percent decline from February 2010, which saw 887 Houston homes headed to the block, the publication said, though it added that there was a 5 percent increase in the number of commercial and residential properties listed for foreclosure last month.

Since most homeowners manage to get caught up on their mortgage payments before their property is actually foreclosed, the Business Journal said, the number of homes auctioned off is almost always a lot smaller than the number listed.

It seems, then that a canny Houston property buyer may still be able to find a deal at a foreclosure auction, but the long-term trends in the area's housing market indicate a transition to more growth and stability in the future.

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