Lisa Simpson
Jan 15,2008
In: Foreclosure Homes

Foreclosure Homes in Lubbock, Texas

Foreclosure homes in Lubbock are not causing much headache. To understand this several factors need analysis. Lubbock city is in Texas State. It is the seat of Lubbock County. Lubbock is a prosperous city and county having a thriving population being centre of economy, education and health facilities. Lubbock is commonly known as the South Plains and is adjacent to the biggest cotton-growing region in the globe. Why should foreclosure homes in Lubbock cause any concern? Why should there be any foreclosure homes in Lubbock at all? Lubbock came into existence in 1876 being named after a military colonel – Thomas Lubbock who founded the legendary Texas Rangers. And yet this land of the Texas Rangers raises the question of foreclosure homes in Lubbock. Foreclosures are normal at all times and foreclosure homes in Lubbock have not as yet reached high levels to cause concern.

The name of Lubbock is linked with supernatural Lubbock Lights for which as yet no satisfactory answer has been found. Could it be that the city is jinxed and that is why there are some foreclosure homes in Lubbock? Or are these lights protecting foreclosure homes in Lubbock from rising? The climate in Lubbock is semi-arid and dust storms are frequent visitors. Summers are hot but winters are cold with occasional snowfall. The population break up consists of whites being the dominant majority with 38% consisting of the others. The reason for foreclosure homes in Lubbock is not mysterious but it cannot be said that this is due to racial discrimination.

There are many foreclosure homes in Lubbock but the real estate market is holding with the sale rising by about 6%. 252 units were sold in 2007 compared to 238 in the previous years. Here although foreclosure homes in Lubbock continue to pose problems the median price for homes rose by 15% to $124,905 as against $117,260 a year ago. So the picture of foreclosure homes in Lubbock is not quite so bad otherwise the real estate prices would not have gone up. Thus there is not much worry about foreclosure homes in Lubbock. Foreclosures have always been there and it seems foreclosure homes in Lubbock have not taken on alarming proportions as elsewhere in the country. Regarding foreclosure homes in Lubbock the city council has 70 lots ready for sale with the price ranging between $33,000 to $75,000. These are usually sold to the neighbours who are interested. In July sales had dropped.