Sub prime loans and adjustable rate mortgages have led to Texas being infested with the foreclosure bug as well. The state has been hovering around the tenth spot in the list of states with the maximum number of foreclosures ever since the foreclosure epidemic started in 2006. However, the real estate market in Texas differs from place to place and while property prices have dropped in a number of regions with a high rate of foreclosures, the same cannot be said about some other counties of the state.
While Dallas, which was the state’s foreclosure capital till last year has shown symptoms of stabilizing, Texas foreclosures, which were earlier common in the cities, have spread to the whole state, encompassing a number of suburban areas of Houston, Austin and San Antonio. The increasing inventory of Texas foreclosures with banks and other financial institutes has led to prime properties now being sold at discounts ranging from 10% to 50% of their actual prices in foreclosure auctions and REO sales.
This has led to a number of savvy investors buying foreclosed properties throughout Texas. The strategy behind buying a foreclosed property is that you rent it out till the market picks up and then sell it after making a huge profit. Profits of more than a hundred per cent are easily expected on foreclosed properties that are currently being bought for 90% to 50% of their market value.
Some areas where everyone is flocking to are Houston and San Antonio. The main cause behind the interest being shown in properties in these counties is that property prices have not dipped like they have in other counties. The buying power of the community is also quite high, due to which most home owners are able to sell their properties during the pre-foreclosure state.
If you want to invest in cheaper properties, then Dallas, which still has a high foreclosure inventory, is the best price to get more for less. Other counties where investor interest in foreclosure homes is considerable are Fort Worth, Odessa and El Paso.
While Dallas, which was the state’s foreclosure capital till last year has shown symptoms of stabilizing, Texas foreclosures, which were earlier common in the cities, have spread to the whole state, encompassing a number of suburban areas of Houston, Austin and San Antonio. The increasing inventory of Texas foreclosures with banks and other financial institutes has led to prime properties now being sold at discounts ranging from 10% to 50% of their actual prices in foreclosure auctions and REO sales.
This has led to a number of savvy investors buying foreclosed properties throughout Texas. The strategy behind buying a foreclosed property is that you rent it out till the market picks up and then sell it after making a huge profit. Profits of more than a hundred per cent are easily expected on foreclosed properties that are currently being bought for 90% to 50% of their market value.
Some areas where everyone is flocking to are Houston and San Antonio. The main cause behind the interest being shown in properties in these counties is that property prices have not dipped like they have in other counties. The buying power of the community is also quite high, due to which most home owners are able to sell their properties during the pre-foreclosure state.
If you want to invest in cheaper properties, then Dallas, which still has a high foreclosure inventory, is the best price to get more for less. Other counties where investor interest in foreclosure homes is considerable are Fort Worth, Odessa and El Paso.
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