Houston has been praised in national studies for its solid real estate market. Houston foreclosed homes have also long been praised by buyers and investors for their value. However, the economic downturn in 2008/2009 has affected the Houston foreclosure market, albeit more slowly than many other cities.In Houston in 2009, real estate professionals, like many real estate experts across the country, were worried by slow sales, low prices, and higher numbers of foreclosed homes. One factor that has affected Houston foreclosure homes especially is the new inspection laws. The Home Valuation Code of Conduct went into effect in May 2009 and changed the way home inspections and assessments were completed. The laws effectively did not permit anyone who stood to profit to be responsible for home assessments. In Houston, many assessments are now completed through industry management companies. However, the new rules have sometimes slowed down the assessment procedure for foreclosed properties, adding to costs for buyers. As well, some of the new rules mean that assessors looking at Houston foreclosure properties are not familiar with the markets where they now work, and this has led to some undervaluing and frustrations.Buyers looking at foreclosure listings in the Houston area, however, do have some advantages. In addition to big savings on Houston-area foreclosures, the government’s $8,000 tax credit is helping many homebuyers purchase a property. With so many homes and Houston foreclosed homes on the market, many sellers are also throwing in incentives. Condo associations are allowing buyers to live in condos without paying condo fees for months, some are offering free appliances, and even banks selling foreclosures are throwing in additional incentives and reduced rate loans to seal the deal. Even new condos that are going into foreclosure come with nice additions to tempt buyers. Sellers †including sellers of foreclosures †are going further to lure buyers. For Houston homebuyers, that is good news.
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