Prime real estate market of Texas hit by Foreclosure storm
Foreclosures have hit Texas like the hurricane Katrina and the only difference is that this loss is much higher. The housing bubble of yesterday has burst leaving in its midst a skeleton of foreclosure homes in Texas. The latest figures show that by the end of January 2008, Texas had recorded 14,698 filings including 5,175 REO’s. 243 Notices of default were issued along with 9,280 notice of trustee sale. As compared to January 2007, the foreclosure rates have dropped but it is only a miniscule percentage and is 0.20%.
At the end of the 3rd quarter of 2007, Texas was riding on a destructive wave of foreclosure homes that swept across the state and ended with a rate of one in 205 homes thus adding on to the bank foreclosure listings. A foreclosure notice is like a dead end for any homeowner and those who have been thinking of the great American dream in Texas have definitely suffered in 2007. Is it going to be any different in 2008? Well! None of the experts from the industry want to comment on that because of the volatility and vulnerability of the market conditions. On top of that adjustment in the ARM has hit the homeowners where it hurts the most.
Due to high interest rates, homeowners are unable to avoid late payments and most of them have not been able to pay the monthly amount for their mortgages at all. The result is an increasing inventory of foreclosures by state. North Texas was the hardest hit recording almost 49,000 foreclosure filings and the rate of foreclosed homes jumped by 10%.
More Resources:
- Foreclosed Houses
- Foreclosures in Tampa
- New Jersey Foreclosure Homes
- Foreclosures in Ohio
- Foreclosure Homes in Orlando, FL
- North Carolina Foreclosure Homes
- Forclosure House
