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Collin County foreclosures down over same time last year

Published: Tuesday, May 19, 2009 2:26 PM CDT
PLANO - For the first time in several years, the number of new residential foreclosures is down in Collin County and surrounding areas. The first quarter of 2009 showed an 11.9 decrease in the number of new foreclosures over the same time last year, reports the Collin County Association of Realtors (CCAR). In addition, more than one-fourth of all closed sales in the first quarter were foreclosure listings - up 19 percent from the same time last year.


"If we continue to see a decrease in new foreclosure listings while foreclosure sales are brisk, the market will eventually absorb most of those listings. This is an important component to a return to a more normal market," says Steve Haid, CCAR member services director.

While the decrease in new foreclosures is a positive indicator, the increase in foreclosure sales has contributed to a 4.1 percent drop in the median sales price of homes ($165,000), compared to the first quarter of 2008. During the first quarter of 2009, the median sales price of foreclosure homes was $111,000, and the median sales price of traditional homes was $185,000.

The CCAR Pulse, which delves into the real estate markets of 36 local communities, reports that the time it took to sell a home in March decreased to 106 days from 109 days in March 2008. In addition, the overall number of closed sales in March was 23 percent higher than in February, while the number of new listings increased 17.6 percent and listings under contract rose 20.3 percent. This is all good news for home sellers.

The good news for buyers is that homes in this area remain very affordable compared to most other large metropolitan areas. Further, mortgage interest rates are at historic lows.

"Collin County and surrounding areas remain a great place to buy or sell a home because we have one of the lowest foreclosure rates in the country. In addition, our growing population and relatively stable real estate market mean that we can anticipate continued improvement," notes Haid.



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