By Troy Corman, t2 Real Estate
The number of Dallas – Fort Worth area home foreclosures are less than half of their total at this time just one year ago. As Steve Brown reported in the Dallas Morning News, there are fewer than 2,000 Dallas – Fort Worth area homes threatened with forced foreclosure sale next month. That’s almost a 10-year low.
Experts claim the reason for the decline in distressed DFW homes for sale is because of a stronger North Texas economy and the continued migration of new residents to Dallas – Fort Worth. In fact, Comerica Bank’s chief economist, Robert Dye stated this week that he expects strong job growth and higher home prices for the area in 2013 and 2014. Furthermore, with local unemployment at 5.9%, Mr. Dye expects it to drop to 5.1% by the end of 2014.
As the available inventory of homes for sale at the lowest level nationally since 1999, it is now a seller’s market. With fewer available homes for sale, prices have risen, allowing previously hard-hit home owners, like Californians to now sell at higher prices. In fact, California’s December home prices rose a robust 12.6%.
As the national housing market continues to improve, fewer home owners are under water on what they owe, and can now sell and relocate to more business-friendly states like Texas, where there’s actual job growth and job opportunities. This should help both Dallas area landlords and home sellers enjoy higher rents and higher home sales prices. As a prominent local Real Estate Broker recently shared, “we’re out of the ditch”.