Foreclosures in Town?
Posted by CityBlogTX on May 28th, 2007
Can anyone speak to the issue of foreclosures in Plano, Texas? Foreclosures are up around the country due to the sub-prime lending practices. Is there any foreclosure impact on real estate in Plano?
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Foreclosures in Collin County, which Plano is located in, has actually decreased from the same time last year. However, foreclosures are up by about 10% over last year if you include the four counties of Denton, Dallas, Tarrant, and Collin.
It is to early to tell what effect, if any, the sub-prime collapse will have in this area. In Plano, sales of residential single family homes in August were $94,486,584 compared to last year in August of $117,257,944. The number of sales was 358 this August compared to 449 last August. The average price in Plano went from $261,153 in August of 2006 to $263,929. My professional opinion is that I don’t think pricing will drop that much in the near future since the increase has not been substantial.
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