The second largest state, in both size and population, Texas recorded over 43,000 homes coming into some foreclosure process in 2007. It is a great place for investors as well as potential homeowners to find great deals and big savings. The Lone Star state has foreclosure listings for all its major cities, including Austin, Odessa, Dallas, Houston, Fort Worth and El Paso as well as the smaller ones.
Due in large part to dropping real estate values, over-development and adjustable mortgage rates (with fluctuations in percentages due to inflation hard to work around), properties in Texas are increasingly bumped on to the foreclosure lists. At least half, if not more, of these homes are sold in forced sales where the old owners were unable to keep up with mortgage payments.
Many homes that are foreclosed in Texas tend to be in the same locale, forcing down prices on other, non-foreclosed properties in the area that would otherwise be more highly-priced. This is a great way for investors to find real estate also that comes with no strings attached and no concerns about back payments.
A large number of properties on the foreclosure lists also end up being auctioned by banks or the government and the competition at these auctions is, understandably, intense. However, the thing about Texas being the second most populous state is that there is plenty of property still available. And if one of the properties is not sold via the auction it ends up back with the lender, who is free to sell it at will.
Buying foreclosed property in Texas is a great way to get a great deal at a fraction of the cost that might otherwise be incurred. And with a growing, diversified economy the paybacks look to be pretty healthy.
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