Texas is the new destination to be in and there are many Texas foreclosure homes to choose from. You can find Texas bank foreclosures at bargain prices.
Texas Real Estate is happening!
Bank foreclosures in Texas are available in plenty due to the high foreclosure rate. In fact Dallas-Fort Worth, TX witnessed the highest foreclosure rate in the country in 2006, which is good news for potential first-time homebuyers. High foreclosure rates normally drive down the housing or real estate prices, and make it easier for homebuyers to find affordable mortgage. There is a flip side to it also, which is that low home prices mean a low rate of appreciation, which will lead to a decrease in home equity. The lack of equity will in turn increase the foreclosure rate. So it is more of a vicious circle.
The Texas Foreclosure market
Dallas-Fort Worth, TX witnessed one foreclosure for every 319 households in April 2005, which is 5.5 times more than the national average. In 2005, Dallas-Fort Worth was at the top of the highest foreclosure rate list. As a result there was a sudden increase in the number of foreclosure homes in Texas. Texas recorded 5,600 homes scheduled for foreclosure in April as compared to 2,400 homes in Miami and 1,000 homes in Los Angeles. In April 2005, Texas saw one foreclosure for every 694 households, which is 2.5 times more than the national average. This opened the real estate market with a large number of foreclosure homes in Texas available for home-buyers.
Experts say that they were expecting the foreclosure rates to hit the roof. This is where you can take advantage and get a home at a bargain price. Most Texas foreclosed homes are sold at auctions at a price, which is lesser than its value in the real estate market. The Texas real estate market offers a variety of homes to choose from and includes theme homes like beach houses, custom homes, golf homes, luxury homes, retirement communities, master planned communities, on your lot homes and systems built homes. All these homes are available on Texas foreclosures listings, which you can get from lenders and government agencies like HUD, VA etc. Alternatively, you can take a membership with a reputable online real estate agency to take advantage of their daily, weekly and monthly listings of such Texas bank foreclosures.
According to the current real estate price in Texas, you will find a 1,400 - 3,000 square foot single family home in Galveston in the price range of $120,000 - $180,000. If you are looking a real estate in Houston then a 1,438 - 2,850 square foot single family home will cost you anywhere between $129,990 and $162,990. On the other hand the cost of Texas home foreclosures can be real bargain with some of these houses selling for a 25% discount on their actual price. So you can get the $129,990 home for $97,492.
Texas foreclosure homes are like the best buy especially in places like Houston-Sugar Land-Baytown or Austin-San Marcos as the cost of living in these places are higher as compared to the rest of the state.
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