Even as the Dallas-Fort Worth area pumps itself up for the excitement of the Super Bowl, it also is experiencing a housing crisis mega-bummer: Distressed home sales hit a new high in Dallas-Fort Worth in 2010, creeping into a record 16 percent of total properties sold by agents in this north Texas area. Dallas-Fort Worth had previously been the exception, a pocket of home-value stability in a nation bogged down by sagging house prices.
Sales of distressed homes -- that is, short sales, or homes sold due to foreclosure-- have grown steadily in north Texas, according to the gurus at Texas A&M University's Real Estate Center. In 2003, only 5.7 percent of homes sold through real estate agents in the north Texas multiple listing service were "distressed transactions." Now, Dallas Realtors say the real number is actually much higher.
Not all distress or short home sales are identified in the MLS, and if a real estate agent was not involved in the transaction, it will not be included in statistics. The median price of distressed homes sold in the Dallas-Fort Worth area last year was $57.20 per square foot, compared to $81.52 for non distressed houses.
Dallas broker Alicia Trevino says she thinks the numbers are much higher. The Dallas area has seen a dramatic increase in the last few months of distressed properties for sale or properties that are about to be distressed.
"We still have thousands of homes that are going to come up on the market, homes that were held in moratorium last fall because of the Robo-signing crisis," says Trevino, who retooled#mini_module
No comments:
Post a Comment