2008 has been challenging to the real estate industry. This has been shown by the foreclosure records in Texas last year. The 2008 year-end report by RealtyTrac has reflected a total of 96,157 filed foreclosure notices in Texas, which is about a13.84 percent increase from that of 2007, and a 14.9 percent increase from that of 2006.
The records are actually based from the three foreclosure phases: default, bank repossessions, and auction.
San Antonio has been listed as the No. 70 in the Top 10 metros with the highest rates of foreclosure, having 1.09 percent of its properties noticed for foreclosure last year.
The Texas foreclosure records in 2008 results to a non-favorable start for this year; that is why the housing industry could get even worse.
Meanwhile, Addison has reported a total of 1,261 foreclosure filings in Bexar County for the February 3, 2009 auction; and this is 15 percent higher from the 1,098 postings in the February 2008 auction. These foreclosure notices are actually results of delinquencies on homeowner’s association fees or mortgage payments. In fact, the 1,261 postings imply a “new record level high” for Bexar County foreclosure filings.
Homeowners do not have to assume that the housing industry will get better this year. In California, 4 countries have actually made it to RealtyTrac’s Top 100, which included Stockton on the no.1 spot.
There have been a total of 2.33 million properties in the US that reached the foreclosure process, which means an 81 percent increase from those listed in 2007, and a 225 percent increase from those in 2006.
The continuous rise of foreclosure properties has highlighted the lack of effectiveness of current foreclosure prevention programs. In fact, the laws enacted by several states such as California, Maryland, and Massachusetts, just delay the foreclosure process but do not totally stop it.
Texas foreclosures should be stopped, and its government really has to do a more effective action about it.
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