Foreclosure Listings in Fort Bend County (Houston) TX Priced 53% Below Median

A study of foreclosure trends in Fort Bend County, Texas revealed prices listed up to 53% below the market median home price. RealtyStore (www.realtystore.com), conducted the study and found certain government-owned homes at the lowest median price.
 
Dec. 22, 2010 - PRLog -- Santa Barbara, CA --- A study of foreclosure trends in Fort Bend County, Texas revealed prices listed up to 53% below the market median home price. RealtyStore (www.realtystore.com), the leading source for local residential foreclosure listings nationwide, conducted the study and found foreclosure listings vary significantly in median price, depending on the foreclosure seller. REO, or Real Estate Owned, homes currently listed in the county include bank foreclosures, HUD homes and foreclosed homes repossessed by Fannie Mae or Freddie Mac.

RealtyStore's latest listings inventory revealed 906 foreclosures recorded in Fort Bend County. Of this total, 376, or 42% of the inventory of Ft Bend foreclosed homes, are actively listed for re-sale on the local market. The owners selling these properties are nearly evenly split between banks and government enterprises. 45% of the foreclosure listings in Fort Bend County for sale are from HUD homes, Fannie Mae or Freddie Mac. The balance are listed by bank owners.

The balance of 530 foreclosured homes in the area are considered dormant, unlisted foreclosure listings. These properties are considered a 'shadow inventory' of homes which sellers have not yet brought to market in the county.

A pricing analysis conducted by RealtyStore showed foreclosures are listed an average of 37% below the median home price for the Fort Bend County housing market at large. Although comprising a small total number of foreclosures for sale, HUD homes posted the lowest median prices at 53% below market. Specifically, the market median price of all Fort Bend homes for sale is $228,675. Foreclosure listings show a median list price of $143,900.

Median prices and price ranges of the foreclosed homes currently listed for sale vary considerably by REO seller. Foreclosed home prices run from $34,900 to $655,900, with a median price of $154,900 (32% below market) for Fannie Mae / Freddie Mac listings in Fort Bend County. Bank foreclosures are priced from $5,000 to $824,900, with a median price of $139,500 (39% below market). Fort Bend County listings of HUD homes range from $42,000 to $185,000, with a median of $107,000 (53% below market).

"There is a diverse mix of foreclosed homes for sale in the Fort Bend County market," noted Peter Ranck, Vice President for RealtyStore. "Both bank foreclosures and government owned homes provide an exceptional variety of price points for Fort Bend County home buyers to consider. Bank foreclosures offer the broadest selection, spanning nearly $820,000 from the lowest to highest price point, while HUD homes provide the tightest range of prices but offer the lowest median at $107,000."

Given the significantly low median price of foreclosed homes in the area, it appears the institutional owners of Fort Bend County, Texas foreclosures are highly motivated to liquidate these assets.

Foreclosures in Texas can be found at http://www.realtystore.com/foreclosures/texas-foreclosures

HUD homes for sale can be seen at http://www.realtystore.com/foreclosures/hud-homes

Texas bank foreclosures are listed on http://www.realtystore.com/foreclosures/texas-bank-forecl...

Glossary of foreclosure listings terms:
REO = Real Estate Owned, or homes foreclosed upon and having title assumed by a lending institution or a government sponsored enterprise such as HUD homes, Fannie Mae or Freddie Mac.

Foreclosure listing = An REO property with a posted for sale price and actively marketed to third-parties, including the public at large.

Shadow inventory = REO property which is held free and clear by an institutional owner (a bank or a government sponsored enterprise) but is not actively listed for re-sale or marketed to third parties, including the public.


About RealtyStore
RealtyStore (www.realtystore.com), a division of Nations Info Corporation, is the leading provider of foreclosure listings and discount property data nationwide. RealtyStore's mission is to empower its customers with the tools, education and analysis required to identify and potentially maximize profits with undervalued real estate. Collected from hundreds of public and private sources, RealtyStore's proprietary database includes over 1 million listings including pre foreclosures, foreclosures, short sales, tax defaults and rent to own or owner financed listings. As the foreclosure listings industry leader, RealtyStore.com is the most visited foreclosure website, averaging over 1.1 million unique visitors per month in Q3, 2010. Realtystore.com is the only specialized foreclosures website to rank in the Hitwise Top 20 Internet Usage Report for the Real Estate Category (October 2010).

Reporting methodology
The RealtyStore County Foreclosures Review provides the total number of REO (real estate owned) foreclosed properties with a recording date on or before the date of this release. REO properties have completed the foreclosure process and have been repossessed by a bank or government sponsored loan guarantor such as Fannie Mae, Freddie Mac, HUD or the VA. REO title holders and inventory counts in any area can vary at any time. Counts and prices are accessed through RealtyStore’s proprietary database which is derived through hundreds of public and private data providers. Local housing market data is derived from third party and public records offices.

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RealtyStore.com is the leading provider of foreclosure listings and discount property data nationwide. We empower our customers with listings, education and analysis required to identify and potentially maximize profits with undervalued real estate.
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