Sales of pre-owned homes in North Texas plunged 18 percent in December as job losses , the credit crisis and foreclosures leave the economy with less buyers and a glut of houses sitting empty. The 18 percent dip is in addition to the 8 percent decline in pre-owned home sales in 2007, causing sales totals for 2008 to be at their lowest point since 2002.
But it’s not just the number of homes being sold that’s declining, the value of homes have dropped significantly for the Dallas-Fort Worth area, with the median sales price of a single-family home standing at $138,500 as of December 2008.
That’s a 12 percent nosedive from the sale price peak of $158,000 in June 2007.And the condominium market is suffering even more during this foreclosure and credit crisis, with sales down as much as 30 percent. Those homeowners facing foreclosure are in big trouble as their home values decline and their ability to sell is nearly non-existent.
We can expect to see more foreclosures as homeowners decide to abandon their homes as values continue to drop. Homeowners facing foreclosure need to act immediately to protect their assets and take advantage of foreclosure prevention programs and bankruptcy.