Amarillo, TX - A decline in foreclosure rates may point to a recovering housing market in Amarillo.
Both Potter and Randall County are seeing a 5 year low when it comes to foreclosures.
Wednesday we spent the afternoon talking with local realtors who say the outlook of the market appears promising.
"The housing market in Amarillo is balanced at this point, "says Leon Swift with Coldwell Banker. "We expect to see foreclosures continue to decline on an annual basis."
In 2010, we saw more than 485 homes being foreclosed on. Since January, our area has experienced less than 350.
Part of the decline has to do with our low unemployment numbers and area banks, say Glenda Young with Courtyard Realty.
"We have not had huge losses of jobs. Lenders are offering all types of programs to keep from going into foreclosure," she said.
Their is good news too for those looking to refinance or buy a new home.
"If they qualify under the new credit standards, people should buy now," she said.
According to Coldwell Banker, Amarillo has one of the lowest foreclosure rates in the state.
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