Now Even The Affluent Home Owners Find Their Properties On Texas Foreclosure Listings

Posted on July 31st, 2008 in Texas

Though many believed that only the low and middle-income mortgage borrowers had to face foreclosure, the insatiable appreciate of this tsunami wave has started to engulf the prosperous homeowners too. Foreclosures are no longer the bane of the economically weaker sections of the U.S. society!

Dallas, Texas

Texas foreclosure listings are looking exceedingly more attractive as more million dollar homes are making their way into them. This latest trend is most noticeable in the Dallas-Fort Worth area. During the period of Jan to June 2008, over 70, $1million plus homes have already been added to the inventory thanks to foreclosure listings in Texas. Now, 70 affluent homeowners caught in the foreclosure net is almost double the number of homeowners that were caught in this net last year.

Additionally, foreclosed homes belonging to the $500,000 to $999,999 bracket have also jumped by 53%/ and those between $300,000 to $499,999 bracket have risen by 39% this year. The final figure is as scary as it is true, and reads as one per every 59 houses facing foreclosure during the period of Jan-June of this year.

Foreclosures are affecting North Texans as well. It?s more serious here, and can be blamed on the bad lending practices that offered loans to people who could not afford them. It?s no doubt that the foreclosures finding their way into the Texas foreclosure listings are a product of the sub prime lending practice. And, so there are almost 25,503 Texas foreclosure listings for the combined period of Q1 and Q2 of this year in the 4 counties of the state. Now, these foreclosures have a price that is below the average market price and with an increasing inventory, lenders are eager to find buyers for them making it the opportune time to invest in property, if you have the surplus cash.

Since Texas foreclosure listings are the outcome of the process of foreclosure, if you?d like to make an investment in these foreclosures, get the advice of foreclosure brokers. Their information is easily available over the internet and prevents you from walking around.

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