Texas leading foreclosed property market

Property investors looking to pick up bargain properties in the US may be interested in news that the number one state for foreclosed real estate is Texas.

The second-largest US state posted an increase of 35 per cent in repossessed property during February, which was the largest gain of any region.

According to Property Wire, data released by ForeclosedListings.com revealed that the second highest gain was posted in Michigan, with a 17.5 per cent increase.

Lawrence Yun, the National Association of Realtors chief economist, commented on the recent findings for February, claiming that the winter weather had played its part in delaying foreclosed activity earlier in the year.

"Although sales have been higher than year ago levels for eight straight months and home prices are much more stable compared to the past few years, the housing recovery is fragile at the moment," he added.

Meanwhile, RealtyTrac recently reported that the number of foreclosed properties nationwide in the US levelled off during February and were at their lowest year-on-year increase since January 2006.

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