Lisa Simpson
Aug 20,2008
In: Foreclosure Homes

Texas Foreclosure Homes

Texas State is in the south central region of USA and also known as the Lone Star State. Austin is its capital and the largest metropolitan statistical area is Dallas-Fort Worth region. The landscape of Texas is varied from desert to pine woods and rolling prairie plains. There is a phrase that “everything is bigger in Texas.” The name of Texas is associated with the image of the rough tough cowboy.

A foreclosure wave is lashing across the rest of the country but the count of Texas foreclosure homes is less than elsewhere. In the matter of Texas foreclosure homes it is not the biggest in the country. In fact the number of Texas foreclosure homes are on the modest side – relatively speaking. Texas foreclosed homes are on a modest scale largely because of the economy holding its fort. Oil discovery in the first years of the 20th century caused an economic boon. But Texas has not relied solely on oil – it has branched off to include high technology, higher education, biomedical research etc. The gross state product makes Texas rank second highest in USA.

The recent trend of Texas foreclosure homes rising is not happy news. According to latest reports Texas foreclosure homes in the Dallas-Fort Worth region has jumped by 24% from what it was one year ago according to Dallas Morning News of 17th July 2008. This increase of Texas foreclosure homes is causing concern – something that cannot be silenced by explanations given by Dr. James Gaines of A&M University before members of the Legislative Assembly of Texas. From the figures of Texas foreclosure homes it seems that in Central Texas one out of every 133 house is in foreclosure. In 2001 the Texas foreclosure homes figures showed that the foreclosure rate was 1:265. Number of Texas foreclosure homes coming in from Williamson County show the same rising trend with a foreclosure rate of 1:95 this year compared to 1:225 in 2001.

Foreclosure Listing Service looks at Texas foreclosure homes from a new angle. In 2004 Texas was in the middle of a technical bust but today the number of Texas foreclosure homes are more than that time. There are many reasons behind the Texas foreclosure homes, which the economy is not being able to cushion. George Roddy Sr. of Addison Company comments “Today’s foreclosure posting rate on a per capital basis is not bad as it was a decade ago does not fly.”