Report: Foreclosures lower Houston home prices

March 17, 2009 1:59:33 PM PDT
A new report shows foreclosures are pulling down the prices of homes in Houston. [SIGN UP: Get headlines and breaking news sent to you]

The Houston Association of Realtors says the total number of home sales was down 26 percent in February compared to last year. Also, the average price was $182,000, down ten percent.

On the flip side, rentals of single-family homes rose 4.3 percent. Rentals of high rise units increased a whopping 192 percent.

The realtors association says rentals remain an attractive option for would-be buyers because they want to see signs of an economic recovery before they commit to a mortgage.

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