Despite the steps being taken by lenders and government officials, the foreclosure crisis is still persisting in many of the States, and Texas is no different in this regard. Although Florida is the most popular in terms of foreclosures but foreclosures in Texas are also increasing on a rapid pace.
When it comes to foreclosures in the United States, you just cannot afford to neglect the rate of foreclosures in Texas. Actually, the Texas stands on the 2nd spot in terms of population amongst the 50states. As more people are living in limited area, it is obvious to see them striving hard for homes. That’s exactly the point when you can find them going for home mortgages and ending up with a default and foreclosure notice.
Although the foreclosures in Texas are high, but the rate of increase in foreclosures is not too severe, especially compared to the rate of foreclosure in US. Following is the graph which will help you understand this particular point.
This graph shows you the trend for foreclosure from the first quarter of 1998 to the 2nd quarter of 2008. It is clearly evident from this particular graph that there were highs and lows in the number of foreclosures in Texas. The increase in foreclosures from 2000 to 2002 was there in the US and Texas but the increase in US foreclosures was way larger than the increase in Texas foreclosures. But, from 2003 to the 1st quarter of 2006 the increase in Texas foreclosures was greater than the increase in US foreclosures. After this particular point, there was still an increase in Texas foreclosures but it was not as severe as US foreclosures.
What it implies is that though Texas foreclosures has played a part in increasing the US foreclosures but the rate of Texas foreclosure is still not too severe. Also, when you will delve more into the details pertaining to Texas foreclosures, you will find that most of the foreclosure affected homes are not in the upper price range. It means that housing is still pretty affordable for first time home buyers in here.
The fact of the matter is that if you are interested in buying a home at discounted price, you must always explore the available foreclosure in Texas. The chances are high that you will become able to get one such home which will have a rate quite lower than the market price.
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Written by Alex Rolim.
