Foreclosure Supply Numbers Point To Recovery In Texas

Foreclosure Supply Numbers Point To Recovery In Texas

Source: DS News | May 4, 2011

Texas continues to perform noticeably better than other states in the real estate market, local Realtors say, by avoiding an excess supply of foreclosures and other distressed properties. "Texas is still performing considerably better than other states in terms of maintaining balance between home inventory and demand," said Jim Gaines, Ph.D., of Texas A&M University. "Combined with the fact that Texas has maintained strong property values, this indicates that the market is absorbing foreclosed and other distressed properties without experiencing harmful excess supply," Gaines explained. According to the Texas Quarterly Housing Report, homes in the Lone Star State maintained their value in the first quarter of 2011 despite a decrease in sales volume. "Texas has avoided the real estate bubble felt in other parts of the country and continues to lead the U.S. in recovery due in large part to the leaders of our state actively protecting private-property rights in past legislative sessions," said Dwight Hale, chairman of the Texas Association of Realtors. [Read this article]