Texas Foreclosure Rates Remain Low as 2010 Ends
Texas foreclosures have long known for their low numbers during the economic recession when they are compared to the economic state of rest of the nation. But, recently there has been a slight change in these numbers as foreclosure filings have been on the rise in some parts of the state. Despite the increase in foreclosure filings by banks, consumer analysts remain optimist and point out that the actual number of loans in delinquency has declined overall in the state. Investors and buyers can still find good deals in Texas when buying real estate. There are still bargains to be easily found at reasonable costs. Texas still remains one of the lowest areas in foreclosures when compared to the hard hit states, such as Arizona, California and Nevada, which are leading in the nation’s foreclosure rates.
Dallas foreclosures had the largest increase in the state at a 25.36% change from November to December, 2010. Foreclosure filings were at their worst in 2009, and their numbers have been dropping off since. Another thing to take into consideration is the foreclosure statistics may actually be stalled and not improving, due to challenges surrounding the mortgage moratorium that many homeowner have applied for. There are other reasons for doubting the foreclosure numbers and homeowners who used the government loan modification program. With the program, the homeowners were offered a three month trial period that also prevented foreclosure on their loans. The idea behind this delay in filing was to allow homeowners time to work on their financial problems. The banks also liked the idea of not having bad loans on their books, which caused them to have trouble with the Federal Reserve. The overall 
effect of the modification program was that the foreclosure numbers immediately started to drop. Other areas of Texas with increases are Desoto foreclosures at 10.56% and Rowlett foreclosures at 10.22%, during the November to December 2010, time period. Experts contribute these increases to the recent rise in unemployment in Texas, which also remain lower than the rest of the nation.
El Paso foreclosures of -4.23 were a decline from November to December 2010, which the Texan Association of Realtors, state should be higher. Based on the foreclosure rate information, the large state of Texas was able to remain on the low part of the nation’s foreclosure chart. Lewisville foreclosures were a -2.13 decrease and Austin foreclosures were a -1.5% decrease both occurring during the November to December time period. Prices of homes in Texas are much lower than in such states like California making Texas homes a better bargain for investors and home buyers. But still, the housing market in the United States was rough in 2010, making experts concerned about what will be happening in the next year.
All through the United States, property values were falling quickly and made foreclosures rate rise. The lowest interest rate in fifty years on mortgage loans seemed to do little to nothing to stop the fall in the housing market. The mortgage crisis seemed to miss in regards to the Texas foreclosures. Still there is reason to be concerned that 2011 will be another year of delays in the government assistance, since pervious promises have not helped the overall picture of the nation’s real estate market. The good news for Texans is that their state is in a better economic position than any of the other states in the country, because the state resisted raising taxes and has a budget surplus. Other factors which helped the Texan economy in December 2010 was the frenzy of Christmas shopping and after Christmas sales where shoppers headed to the malls in record numbers to spend their holiday cash.
