Dallas, TX (PRWEB) August 12, 2014
After hitting what analysts had already thought was rock bottom, distressed home rates continue to tumble in the bustling North Texas region, making way for healthy selling activity on the real estate market. Prudential Texas Properties reports Dallas-area home foreclosures have fallen to new lows since the end of the recession.
Citing data from foreclosure tracking service, CoreLogic, Dallas-area home foreclosures are reported to have fallen almost 25 percent from where they were a year ago in June. In the 12 months ending in June, Lenders had 6,683 homes in foreclosure, which is the 10th highest in the country, but on a sharp downward trend.
Foreclosure inventory is at a low point for both the region and the state. CoreLogic noted that the North Texas region consisting of Dallas, Plano and Irving recorded a foreclosure inventory of 0.7 percent of all homes in the region while statewide, foreclosure inventory was just under 1 percent.
“The Dallas real estate market is putting up very strong numbers,” says DD Flynn, VP of Marketing at Prudential Texas Properties. “We’re seeing gains in all areas such as home prices and inventory and the local economy and employment situation is backing these factors up, making Dallas a very popular region for home buyers.”
According to Altos Research, a California-based real estate analytics company, median home values in Dallas have been on the upswing since early March. As of July 25, that the median single-family home value was noted at $392,173, which is a 12-month high for the city.
Altos also noted a strong demand for Dallas-area homes with its unique value known as the Market Action Index. This value indicates from a neutral value of 30 whether buyers or sellers are in control in a particular market. With a calculated MAI of 38.80, Altos is showing that home sellers are well in control of this market and will help to drive prices upward as homes are being highly sought-after in this hot market.
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