Many Texas Foreclosures are Available at Attractive Prices
Texas foreclosures have been less of an overhang on the real estate market than many other states. Although Texas has the second largest population in the U.S., it has only the eighth largest pool of homes that are in the foreclosure process or already owned by the lender (REO property).
Currently, there are about 75,000 such homes across the state. One reason for this may be that homes are foreclosed more quickly in Texas than in other states.
Generally, the economy of Texas is in better shape than many other states. The unemployment rate has been running 1.5 percent to 2 percent below the national rates and they have produced more new jobs than any other U.S. state. Notwithstanding that, the number of foreclosures has grown in some areas:
* The number of Austin foreclosures has increased 2.8 percent during the last month. There are currently 1,970 foreclosed homes listed for sale with a market-wide average list price of $249,000.
The price of foreclosed homes in many cities and towns does continue to drop:
* The price of Spring foreclosures has decreased 22.6 percent during the last month. There are currently 1,230 foreclosed homes listed for sale with an average listed price of $110,000. Spring is in the Houston metro area.
* The price of Katy foreclosures has decreased 11.3 percent during the last month. There are currently 980 foreclosed homes listed for sale with an average listed price of $180,000. Katy is also in the Houston metro area. Katy is named for a railroad that was nicknamed the Katy Line.
* The price of Grand Prairie foreclosures has decreased 15.9 percent during the last month. There are currently 660 foreclosed homes listed for sale with a median sale price of $100,000. Grand Prairie is between Dallas and Fort Worth.
Texas, in part because of its size, has a wide variety of attractions and reasons to live there. There are several major metro areas, dominated by Dallas/ Fort Worth, Houston, San Antonio and others. There are professional sports teams in all of the major leagues, scattered in several locations.
Major universities include Texas, SMU, Baylor, TCU, and many others. An interesting note is that Texas Western (now UTEP) broke a significant color barrier in 1968 when their all black team beat Kentucky, an all white team, for the national college basketball championship. With many Texas foreclosures on the market, now is a good time for potential homebuyers to find a foreclosed home to buy. Prices are low and interest rates are at historic lows.
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