Houston Area Foreclosure Rate Falls
Foreclosure activity in the Greater Houston area continues to fall, according to the latest data from RealtyTrac. As of January 2018, Harris County foreclosures were down 5% from January 2017, with 1 home out of every 1,735 in some stage of the foreclosure process.
Montgomery County posted a 48% decline in foreclosure activity based on year-over-year data. About 1 home out of every 2,583 is in a stage of foreclosure. Fort Bend County saw a 37% drop in foreclosures, with 1 home in approximately 2,235 facing foreclosure.
As a whole, Texas foreclosures have dropped by 16% on a year-over-year basis. About 1 Texas home out of every 2,401 is in foreclosure. The Texas counties with the highest rates of foreclosure include Bell, El Paso, Gregg, Tarrant and Jefferson.
Foreclosure rates in the U.S. have continued to fall during the economic recovery of the past decade. Nationally, about 1 home out of every 1,907 was in a stage of foreclosure as of January 2018, representing a 16% decline from January 2017.
States with the highest rates of foreclosure include New Jersey, Delaware, Maryland, Illinois and Ohio. States that have a judicial foreclosure process, which require court system involvement, have been much slower to clear foreclosure backlogs stemming from the Great Recession.
Please keep in mind that all real estate activity is highly localized! When you are looking for market information about your West Houston neighborhood, turn to the experts at the KW Energy Corridor Team! Whether you are buying or selling a Houston home, our local expertise and global resources will be your advantage. Contact us today!
KW Energy Corridor Team
11757 Katy Fairway | Suite 930
Houston, TX 77079