Dallas Foreclosures for Sale Hinders Full Market Recovery

Dallas foreclosures for sale continue to clog the market, dragging down home prices and values. Recent data showed that home prices drop slightly by 1.2 percent in August from the same month last year.

But despite deep discounts on the costs of properties, home sales remained lackluster. Industry experts said that the growing number of job losses in North Texas, which totaled 65,000 so far, is severely affecting the housing market. They explained that when people do not have jobs, they do not buy houses. Furthermore, the lack of employment opportunities in one area means fewer people coming in which would not result to a housing demand.

But what is causing great concerns to industry experts is the growing number of Dallas foreclosures for sale. They predicted that over 60,000 households will receive foreclosure filings in 2009. The numbers are significantly higher than the total home sales for this year and five times higher than new-home starts.

By Cassiano Travareli