Nearly 60% of the foreclosures posted for sale in Harris County, Texas, are owned by government entities, according to a new study from RealtyStore, a provider of foreclosure listings and discount-property data. Of the 5,858 foreclosures recorded in the county, 2,514 houses are currently posted for resale. Fifty-seven percent of these foreclosure listings are owned by government entities.

Freddie Mac or Fannie Mae foreclosure listings account for 45% of the foreclosed houses for sale in Harris County. U.S. Department of Housing and Urban Development (HUD) homes make up 12% of the resale listings. The balance are owned and made for sale from a selection of bank foreclosures, RealtyStore says. By quantity, Freddie Mac and Fannie Mae foreclosures have the highest number for sale, at 1,132. HUD homes show a count of 292 listings, while banks post 1,089 real estate foreclosures for sale in the area.

“The level of government ownership represented in the Harris County foreclosure listings is relatively high,” notes Peter Ranck, vice president at RealtyStore. “In other major markets, we find most [real estate owned (REO)] properties being actively marketed by bank owners. For instance, in Cook County, Ill., and Los Angeles County, bank foreclosures are 57 percent and 82 percent of their respective active foreclosure listings.”

Harris County foreclosure pricing was also analyzed by RealtyStore. The median price of all homes for sale in Harris County is currently $155,000. Foreclosed houses for sale are listed at a median price of $90,170 in the area. This foreclosure discount represents a 42% lower median price versus the market.

Breaking down median price points in each REO foreclosure owner’s inventory resulted in the following median prices: $96,450 for Freddie Mac and Fannie Mae foreclosure listings, $85,000 for HUD homes listed and $89,900 for bank foreclosures listed for sale in Harris County, Texas.

SOURCE: RealtyStore