Government Foreclosure Listings Outpace Banks in Tarrant County, Texas

Jan. 26, 2011 - PRLog -- Santa Barbara, CA --- Government Sponsored Enterprises (GSE's), such as HUD and Fannie Mae, are actively listing a higher percentage of their foreclosure inventory than banks in Tarrant County, Texas, according to a new foreclosure listings study from RealtyStore. Over 83% of government foreclosures are currently listed for sale, while listings of bank foreclosures represent 36% of the total bank owned inventory in Tarrant County. A pricing analysis also revealed foreclosure listings post a median price at two thirds the market median price. This study is part of an ongoing analysis of county-based foreclosure trends, conducted by RealtyStore.com, the premier provider of local residential foreclosure listings nationwide.

"Of the GSE's, both HUD and the VA are currently marketing the greatest portion of their foreclosure inventory in Tarrant County," said Peter Ranck, RealtyStore Vice President. "This high level of listing incidence from HUD (98%) and the VA (100%) has not been seen in other recent county studies. Plus, the low price level on HUD homes in particular is helping bring down the overall median price of foreclosures to 36% below the median home price across all listings in Tarrant County."

HUD homes represent 56% of government foreclosure listings in Tarrant County. The median for sale price on these repossessed homes is $78,200, or 50% below the median home price of $154,900 for the county as a whole. A Freddie Mac - Fannie Mae foreclosure listing posts a median price of $104,900, or 32% below the market median. Foreclosures from the VA are priced at $125,900 at the median.

The median price of bank foreclosures comes in under Fannie Mae / Freddie Mac pricing, at $103,755. List prices of foreclosed single family homes for re-sale from bank owners range from $12,900 up to $700,000.

More than 25% of bank owned homes are listed at prices under $70,000 in Tarrant County, while 33% of government owned homes are priced under $70,000.

While HUD and the VA are actively marketing a high percentage of their respective portfolios of real estate foreclosures, both Fannie Mae/Freddie Mac and banks have yet to list nearly 64% of their inventory. This dormant shadow inventory of foreclosed houses will be liquidated in some fashion in the future. How and when these remaining homes are actively marketed and sold, or otherwise disposed of, may have future implications for the Tarrant County housing market, in terms of home prices and days on market sales rates.

To explore listings of bank foreclosures see http://www.realtystore.com/foreclosures/bank-foreclosures...

Visit here for national foreclosure listings http://www.realtystore.com/foreclosures

Search here for listings of HUD homes http://www.realtystore.com/foreclosures/hud-homes


Reporting methodology
RealtyStore Foreclosure Trends studies provide 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, inventory counts, and prices in any area can vary at any time. REO 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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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)