A detailed report on the real estate sector of a Texan city has shown a 12-year trend of rising homes values and also notes a rise in foreclosed homes rates.
Houston has seen median prices per square foot for homes sales in some areas rise 3.2 per cent since 2002.
But the area also has a pool of defaulted properties, with 11,061 foreclosed homes sold in 2007.
The figures were published in the Real Estate Market Overview, developed by the Real Estate Centre at Texas A and M University.
Experts wrote in the report: ”
Foreclosure properties have made up a growing percentage of overall home sales in recent years.”
And those foreclosed homes typically sell for far less than non-foreclosed properties, according to the report.
A typical normal house transaction saw $227,830 change hands, whereas a foreclosed home has been fetching just $116,752 on average.
The most expensive non-foreclosed home went for $8.5 million, and the priciest foreclosed property sold for a little over $1 million.
Other figures for the report show foreclosures made up just 3.8 per cent of total sales handed by real estate agents in 2000. By last year this figure had claimed to 16.5 per cent.
Related posts:
