I received four or five calls from clients over my last blog on foreclosures and statistics that show how these distressed properties hold their listed value in our local market. I want to elaborate more on this topic due to the curiosity!
Houston has a foreclosure rate of 1.61% and a median home price range of $150,000. Our area has been blessed with strong growth in population and an increase in economic growth. As compared to the rest of our nation, land is relatively inexpensive and this in turn keeps building costs low. Unlike, other cities, home prices never went through the roof in previous years. Home-buyers in the Houston area did not have to resort to unrealistic loan products because home prices have always been and still are affordable. As a result, the Houston foreclosure rate is significantly lower than other cities in the United States.