Houston: Ripening foreclosure market

The 4th largest city in the US, Houston has space for everyone from individuals to large families and all this through Houston foreclosures. Measuring a land area of 579.4 square miles, the urban population of Houston as of 2006 is 3,822,509. There are many factors that are responsible for the economic growth of Houston and as a result there are more employment opportunities here. There has been a steady influx of people and businesses and the best option for commercial or residential real estate is in the form of foreclosures in Houston. Whether you are a first time homebuyer or an investor, you will find some really beautiful and well structured properties that qualify for sale under Houston home foreclosures. The good news is that the foreclosure activity in Houston increased by almost 15% in the early part of 2007 and almost 4000+ homes went into foreclosure. The rate of foreclosure in Houston was 1 per 442 homes. This considerably added to the existing repository of Houston foreclosure homes and created avenues for investors.

How to find Houston foreclosures

Finding Houston foreclosures are not a big deal anymore especially because we at ForeclosureDatabank.com have an interesting offer lined up for you. You can sign up for our 7-day trial membership and browse through our extensive Houston foreclosure listings. The list features different types of Houston bank foreclosures ranging from HUD properties to distressed homes. You can choose an ultra-modern condo or go for the sleep single family unit. Whatever your requirement may be, you will not be disappointed with so many Houston bank foreclosures for sale. Our list will help you to make an informed choice because you will get to know details about a particular home like the total area, location, neighborhood, number of rooms, price etc. We are here to help you find your dream home among 4000 odd Houston foreclosures.

No Respite From Houston Foreclosures

Houston is not only the 4th largest city in the US but it is also among the top 10 in foreclosures. Houston has been like a beehive of activity as the rate of foreclosure jumped by 15% in August in spite of the fact that elsewhere across the country, the pace had slowed down. The rate of Houston foreclosures was more than that of Phoenix, Chicago, Los Angeles, Washington, Philadelphia and New York.

The highest number of foreclosure homes was reported by Harris County with around 3006 properties in jeopardy. The filing rate in Harris County was one in 430 homes, which is an increase of 17%. If that is not all then check this: Singer and Hollywood Actor Whitney Houston’s estate worth $6 million was reported last to have been threatened with foreclosure. In total, as of date there are around 8000 homes in Houston that stand foreclosed, which has increased the number of Texas foreclosures to a staggering 151,000.

Some of the worst effected areas are in South Houston and most of them are single-family homes. This increase in Houston foreclosures has left many families homeless while others are fighting for every inch of space while sharing the same apartment. It is not just the trauma of losing their homes but also the trauma of having lost most of their savings trying to pay off the mortgage. In such a scenario, the government feels that a perfect platform for crime is getting created slowly. The sad part is that the rate of foreclosure is expected to increase further.

In the first quarter of 2007, 4.38% of loans were recorded to be more than 30 days due as compared to 2.04% the previous year. Although some of the loan defaults are said to be connected to the huge influx of evacuees of Katrina but none the less, the situation can’t be taken lightly. Surprisingly, it is not just the middle class neighborhoods that are going through the grind but now even the up-town properties have started to figure in Houston foreclosure listings. The rich & the famous have not been spared too!

Whether this increase in the rate of foreclosures in Houston will affect its industrial economy or not is to be seen but for now it seems as if they are headed for an economic meltdown. Right now all that homeowners are thinking of is getting their home back before the New Year begins.