A foreclosure is looming for multifamily properties in Houston valued at $384 million

A dozen apartment complexes are set for a foreclosure auction in the city of Houston and Harris County.

According to Maddy McCarty of BisNow, twelve multifamily properties, collectively valued at $384 million, are on the brink of foreclosure and are scheduled to be auctioned soon. Additionally, the number of foreclosures on multifamily properties has been trending upward, suggesting that homeowners are struggling to pay their loans.

Among the apartment complexes facing foreclosure today are: Park North, Reserve at 63 Sixty Three, Fallas of Las Villas, The Vintage, Green Tree Place Apartments, The Palms on Westheimer, Village at Piney Point, and Sutter Ranch.

Data from ATTOM shows that as of now, the city of Houston ranks fifth in the United States in the number of commercial foreclosures, with 1,791 foreclosures recorded from July to September.

However, not all properties that have begun a foreclosure process will end up at auction. Among these apartment complexes currently in distress, less than half are expected to be auctioned, because according to some experts, owners often use foreclosure filings strategically to negotiate or prioritize the lender in case foreclosure becomes inevitable.

Speaking a bit about the number of foreclosures nationwide, and according to a report from ATTOM, foreclosure starts fell over the past summer, decreasing by less than 1 percent from the previous quarter and 10 percent from the previous year.

In response to this, Rob Barber, CEO of ATTOM, said in an interview: “Looking ahead, we expect foreclosure levels to remain relatively low, although there could be localized spikes in areas facing affordability issues.”

Available Foreclosures:

Houston: 1.791 homes available.

By Elías DaSilva | 22 de Noviembre de 2024.