Residential real estate foreclosures in Denton County, to be auctioned in May 2010, decreased to 560 houses. The number is lower than the 595 foreclosure listings the year before. It is also 17% lower than the number of foreclosure homes for sale in Texas on February 2010.
Real estate experts had explained that the dip in number is not unusual and that the month of May usually records such a decline. Analysts have revealed that in the past 13 years, there have been nine times when the number of foreclosure homes for sale had shown a decline during the month of May compared with April.
Analysts further explained that the decrease is partly due to home owners using their income tax returns to pay for delinquent mortgage loans. They also warned that it would be wrong to be too optimistic about the dip in the number of foreclosure homes for sale in the county.
However, real estate observers are looking in on annual comparisons in foreclosure homes for sale in Texas to determine whether the trend for the six-month period would show a recovery in the state’s housing industry.
Aside from the decline shown in the April and May comparative data, real estate experts have also observed that foreclosure activities in Denton County have fluctuated in the past four months. They reiterated the need for homeowners and investors alike not to get carried away with the two-month period data.
Realtors in the county have reported that despite the decline, numbers still showed that there would be 220 houses that will be auctioned in May 2010 in the county. This means that 220 families have experienced foreclosures and although the number is relatively lower than previous periods, there are still a lot of homeowners who will be facing housing problems.
Although foreclosure homes for sale in Texas showed a decline for the coming May auction, real estate experts have warned that it is still a long way before the state, and for that matter, the whole country, can recover from the foreclosure crisis that it has been facing in the past years.
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