Houston foreclosures are declining. ?We?re quite certain 2010 was the peak,? Amanda LeCureux of the Foreclosure Information and Listing Service said.
In 2010, the foreclosure rate in Houston increased 26% according to a study by Realty Trac. That was the greatest increase amongst the 20 largest metropolitan areas. Harris County?s tax roll fell by $11 billion in 2010 due to foreclosures and a slowdown in the petrochemical employment rate of the area. 30% of properties in the county declined in value. Values most impacted by foreclosures were over $1million and between $80,000 and $150,000.
The first quarter of 2011 saw improvements in the foreclosure rate. The rate in Texas dropped from 2.08% to 1.89%. Texas had the sixth lowest foreclosure rate across the country. Improvement in the state rate was reflected in Houston. Houston foreclosures include the Greater Houston Area which is comprised of Harris, Galveston, Brazoria, Fort Bend, Waller and Montgomery counties.
In Harris County, 1 in every 1106 homeowners received a foreclosure notice in April. The Realty Trac internet site, reported Webster with the lowest foreclosure rate of 1 in every 2,412 homeowners. Cypress was the highest with 1 in every 221 homeowners getting a foreclosure notice in April, 2011. Spring with 1 in every 339 homeowners and Humble, site of the Kingwood development, with 1 in every 349 homeowners were other places with a high foreclosure rate.
Foreclosure notices for April, 2011 were higher for the outlying counties of Greater Houston. In Galveston County, 1 in 933 homeowners received a foreclosure notice. League City with 1 in every 618 was the highest and Hitchcock with 1 in every 1,630 homeowners was the lowest. In Brazoria County, 1 in every 845 homeowners received a foreclosure notice. Manvel with 1 in every 215 was the highest, and West Columbia with 1 in every 3,941 homeowners was the lowest. In Fort Bend County, 1 in every 516 homeowners received a notice. Fresno with 1 in every 91 homeowners was the highest, and Rosenberg with 1 in every 1,939 was the lowest. Waller County reported 1 in every 1,261 homeowners received a notice. Hempstead at 1 in every 832 homeowners was the highest. Montgomery County reported 1 in every 737 homeowners received a notice. Porter at 1 in every 486 homeowners was the highest, and New Caney with 1 in every 1,539 was the lowest.
Houston has a diversified economy established on the petrochemical industry, the Port of Houston and the Texas Medical Center. The unemployment rate for April, 2011 was 8.0%. Unemployment peaked in November, 2010 at 8.3%. Credit for mortgages has loosened. Although, home buyers are still sitting on the sidelines expecting further declines in home values. As long as home buyers remain bearish Houston foreclosures will not improve significantly.
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