According to an article in the Dallas Morning News, North Texas home sales have declined by 19 percent in 2009. But July home sales show a little promise with a decline of only 7 percent, the smallest year-over-year decrease since last fall.
The article said:
“Real estate agents sold 7,127 single-family homes in July, the highest sales total in 11 months. And the number of pending home sales – a leading indicator – is up 5 percent from a year ago.”
That sounds like good news for homeowners who can sell their homes; but many homeowners are upside down and fighting foreclosure . Even if they want to sell their home to avoid foreclosure, it’s tough with a six month supply of homes (many of them foreclosures) sitting on the market. The new federal tax credit for first-time homebuyers has helped to boost home sales for the luckiest sellers; but even the average house prices have declined, leaving many sellers with a mortgage balance after they sell their home.
Many real estate experts are cautious about expecting an industry rebound because the foreclosure crisis and unemployment rate seem to be worsening. As more Americans face job losses, the risk of foreclosure increases. More foreclosures equal bad news for an industry that is already taking a serious beating.