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It seems like Texas has been hit not by a tropical storm but by foreclosures and casualties are quite high. Last year started with a bang and ended with a bang too as 2007 saw the Texas homes in foreclosure reach 36,140 in the last quarter itself. Although experts say that this is 18% less than the number of foreclosures earlier in 2007 but that is no consolation for existing homeowners who seem to be living in fear of losing their homes. The one thing to blame is the sub-prime mortgages, the varying interest rates, which has made it difficult and somewhat uncomfortable for homeowners to make their monthly payment. The end result is Texas bank foreclosure homes!
If these figures aren’t nightmare enough the experts from the industry have mentioned that there is more to come in 2008. The good thing is that Austin foreclosure homes saw a definite fall of 6% with foreclosures in Travis County taking a dive of 5% while Hay and Williamson counties saw a decrease in the rate by 9%. Still with the decrease in the rates, it has managed to cause a flutter in Texas and the number of Austin bank foreclosures has just got added to the existing ones.
Across the nation, 9.02 million home loans were approved and the rate of foreclosure on the mortgages increased from 1.48% to 0.77%. The rate of delinquencies also saw an increase of 7.47% by the end of the year as compared to 4.32% in the beginning of the year. Homeowners in Austin are being hopeful as the number of foreclosure homes and bank foreclosures decreased by 21%.
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