One thing about looking for homes in Texas is many folks are surprised to learn that are relocating to DFW is that though home prices here are less than most major metropolitan areas is that the number of foreclosures is nothing like many other states in the country. The most recent issue of Texas Realtor magazine stated that in Texas foreclosure sales are 13 percent of all sales statewide. Nationally the foreclosure sales are at 26 percent of total sales. So we are at half the national average of foreclosure sales. In Arizona and Nevada the stats for for foreclosed home sales were 50 percent and 57 percent respectively. The good news about the foreclosures is that they numbers are down from the prior two years. The article also stated the average foreclosure sales price in Texas was just over 142k and that was 27 percent lower that the average non foreclosure price. The stats do not, however, reflect what that pricing difference means in terms of the cost to get those homes up to live able condition. That being said when it comes to foreclosed homes might or might not be a bargain. You definitely want to engage in that conversation with a Realtor in your area to see what the local market conditions are like in terms of pricing difference in foreclosed homes for sale versus non foreclosed homes.
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