• Lisa Simpson
• Aug 4,2008
• In: Bank Foreclosures

Texas Bank Foreclosures

A foreclosure tsunami has hit USA and pundits are putting their heads together trying to find out the causes. The prime blame is being given to predatory lending of sub-prime mortgages and greedy borrowers who moved into houses beyond their means. Some are raising the cry of racial discrimination. The weaker sections of society were aggressively persuaded to take these loans even though many were not conversant with English and could not understand the complications of a mortgage contract.

But Texas bank foreclosures are beating all the arguments. There seems to be no reason for Texas bank foreclosures. Texas State is situated in south central USA having Houston as its capital. The Dallas-Fort Worth area is the largest metro zone. Everything in Texas is big with the landscape changing from pine forests to desert and rolling prairie. Texas means the cowboy but today the state is hitting the headlines because of Texas bank foreclosures. The natural state borders are Rio Grande, Red River and Sabine River. The state enjoys many types of climates but right now the economic climate is bad with increasing Texas bank foreclosures. It has often been said that sub-prime mortgages have been the targeted at the Blacks but this cannot be said of this state because nearly 70% of the population is White. Although dominated by oil, Texas has a variegated economy based on an abundance of natural resources. It is hoped that this will be able to cushion the impact of Texas bank foreclosures. The urban sprawl has been growing and this led to hectic building activity. The latter may be one of the prime causes of Texas bank foreclosures. The growth of Texas is because of job availability, high educational standard, low building cost coupled with low taxation and nil personal state income tax. This attracted people and people need houses. This speculation in high demand for houses triggered of the crisis of Texas bank foreclosures.

The houses listed as Texas bank foreclosures eventually land up in court auctions. The number of north Texas bank foreclosures houses ready to be auctioned in August has shot up by 18% as compared to the previous year as per figures released by Foreclosure Listing Service Inc. There are 4,852 North Texas bank foreclosures as against 3,870 Texas bank foreclosures in the previous year. The Texas bank foreclosures rose on a month-to-month basis by 22%. However since last February the number of Texas bank foreclosures has seen a modest decline from 5,315.

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