In Dallas, foreclosures may spur moving activity

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In Dallas, foreclosures may spur moving activity

September 15, 2010 - The number of homes for sale on the market in Dallas is growing, partly led by rising foreclosures.

According to Altos Research, home sale listings in the Dallas area have increased 5 percent in the last three months. Additionally, the home inventory in the area is 15 percent higher than it was a year ago, the Dallas Morning News reported, citing data from the Realtors' Multiple Listing Services.

Considering the rise in for-sale homes at a season where listings typically fall, Altos Research vice president Scott Sambucci told the paper that "the new sellers hitting the market are going to be distressed or bank foreclosures to an extent ... But, banks are smart - they aren't going to just throw a bunch of inventory on the market during a seasonally slow time of year. So while some of the inventory is real estate owned, not all of it is."

Other experts told the paper that sellers may be encouraged by record-low interest rates and bargain home prices, which they hope can attract relocating families.

The most recent S&P/Case-Shiller home price report could indicate an improved seller's market. Dallas-area home prices rose 1.2 percent in June, meaning relocating families are selling their homes for higher prices.

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