Those in the residential real estate market felt the crunch again this year as pre-owned home sales dropped during the first quarter.

Those homes in the Dallas-Fort Worth area saw a decrease in the housing market in several sectors. The sale of new homes dropped 5 percent while pre-owned homes saw a 13 percent decrease. Financial experts believe that the difference between this year and last can be attributed to slighter higher sale prices, as well as the decrease in available first-time homebuyer tax credits.

Of those homes that declined in sales, those priced under $200,000 were hit the hardest. One realty organization reported that higher-priced homes rose as much as 3 to 4 percent over the past quarter, which only further hurt home sales. Since Texas has the second highest rate of foreclosures in the nation, the sale of foreclosures has also affected the housing market by offering houses at lower prices.

If you are facing foreclosure, it is important that you contact the Malaise Law Firm today to set up a consultation with an attorney that can advise you of your options so you can take measures to keep your home.