Texas Foreclosures

Texas, as they say in the travel bureau literature, is a whole other country. It certainly is large enough and diverse enough to make that claim. If you look at the numbers related to the foreclosure area you would be able to see that as December came to a close Texas was sitting at about half of the national average on the new foreclosures hitting the real estate listings.

The nation was sitting at 0.240 and the state of Texas was only at 0.103 percent so the numbers actually look fairly impressive from that standpoint. However if you analyze the figures and look back to well before the recorded start of today’s crisis you will see that Texas has indeed dropped n overall numbers and percentages from a year ago And seems to be on a general decline in foreclosures which is expected to continue for at least the next few months.

Several things are listed as contributing factors to this. A good portion of land here in Texas, especially south Texas is owned free and clear by families that have had it in the family for several generations. There has been a recent boom with oil that has pushed some of the values of the land up and that has helped bring the numbers down for some of these people making it possible for them to stay out of foreclosure.

There is also a large Hispanic population that have purchased homes outright with cash and so they are not in any immediate danger of entering foreclosure status.

For the most part, Texas is sitting right where it is expected to be for the next little while and the numbers and foreclosures are not expected to do anything drastic and even if the current crisis happens to be prolonged, the experts don’t see Texas as having any major problems.

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