Dallas, TX (PRWEB) March 31, 2014
More North Texas home owners are gaining equity in their residences and the most recent data analysis from the Foreclosure Listing Service finds foreclosures dropping to a near-decade low in the Dallas - Fort Worth real estate market.
Citing an article by The Dallas Morning News, Prudential Texas Properties reports that fewer than 1,600 homes were scheduled for foreclosure in early March. This is 25 percent less than March 2013 figures and less than one-third of where foreclosure activity was at in 2010, which was considered the worst year for this type of activity in the North Texas area.
The strength of the local economy in Dallas and Fort Worth, as well as the recovering housing markets, have greatly benefited foreclosures. Home price increases can be related to greater competition among prospective buyers and more activity among this demographic as the employment outlook and financial situations improve.
Furthermore, current home owners are benefiting from economic conditions as they’re more suited to pay their mortgages on time and thus avoid foreclosure. This was not the case for much of the country during the onset of The Great Recession and subsequent housing downturn.
“We’re really starting to seen a widespread turnaround in not just North Texas real estate but in the economy and job market as well,” said DD Flynn, VP of Marketing at [Prudential Texas Properties. “In addition to buyer motivations, low inventory has also further propelled home values and created a seller’s market in Dallas and Fort Worth.”
According to Altos Research, a California-based data analytics company, Fort Worth posted a Market Action Index of 34.73 as of March 14. This puts the community in a seller’s market as the neutral point of the index between buyers and sellers is 30. In Dallas, the Market Action Index for March 14 was at 36.36, also signifying a seller’s market.
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