Houston shows healthy drop in foreclosure rate

Mortgage

The rate of home foreclosures in Houston was 52% below the average pre-recession rate, according to a quarterly by Attom Data Solutions.

That gives Houston among the healthiest drops in foreclosure rates since the pre-recession period of 2006 and 2007; later, regulations were tightened on mortgage lending.

Houston’s 52% drop since then lags behind only Dallas (with 73%) and Atlanta (with 67%) among major U.S. cities.

Nationally, 102 markets sport foreclosure rates above the pre-recession average, up from 78 one year ago; 114 are still above pre-recession levels.

In Houston and elsewhere, the relatively strong housing market helped push home prices higher.

“The reduced number of foreclosure properties is consistent with lower unemployment rates,” said Matthew Watercutter, a broker with HER Realtors in Ohio.

“And is contributing to the lack of inventory available to consumers. That low inventory, coupled with increased demand, is causing an increase in housing costs, a reduction in days on market and causing frustration among homebuyers wanting to purchase.”


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