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.
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