The news in Tarrant County is mixed, depending on who you ask.
The most expensive real estate in Tarrant County is still being beat up over foreclosures, while the entry-level market is showing signs of improvement.
Higher Priced Homes hit Hard with Foreclosure
Houses in Tarrant County valued at between $500,000 and $999,999 saw the biggest increase in foreclosures this year, according to the Addison-based Foreclosure Listing Service.
In fact, foreclosures among these higher-priced homes rose nearly 24 percent in 2009 from a year prior, while total residential foreclosures in Tarrant County rose just one percent.
Although the biggest jump in foreclosures was among the highest priced homes, it is important to still understand that the majority of foreclosures are among moderately priced homes. In fact, nearly 82 percent of the foreclosures in North Texas were among homes priced under $200,000,
The jump in foreclosures for the higher priced homes, however, indicates that the economic climate is affecting everyone, not just the moderate earners.
Amidst all of the foreclosure doom and gloom, however, entry-level homes came out ahead. The number of foreclosure filings for entry level homes - categorized as being valued between $100,000 and $199,999 - fell nearly six percent in 2009. What’s even more hopeful is that foreclosures on houses valued under $99,999 dropped nearly 13 percent during that time.
North Texas Foreclosure Filings
- Homes priced $200,000 to $299,000 made up 10.6 percent of the North Texas foreclosures.
- Homes priced $300,000 to $499,999 made up five percent of the North Texas foreclosures.
- Homes priced between $500,000 and $999,999 made up 1.9 percent of the North Texas foreclosures.
- Homes priced above $1 million made up 0.4 percent of the North Texas foreclosures.
North Texas foreclosure filings topped 55,600, which was an increase of four percent from 2008. Tarrant County foreclosures totalled 10,690, which was an increase of just one percent from 2008.
