Status of Foreclosures in Texas and Benefits of Investing in Texas Foreclosures

There has been no better an opportune time for investing in Texas foreclosures than now. There are more Texas foreclosures than people ready to buy them. Many big companies have laid off workers due to the economic down turn especially the petroleum sector, so a flight of persons in search of employment elsewhere has caused a rise in Texas foreclosures due to general inability to pay off mortgages.

Texas foreclosures are a great opportunity if you want to own a good property at a fraction of the cost. Discounts ranging from 10 to 50% are not uncommon. The best part is that there is plenty of choice in Texas foreclosures- you can pick any town, any neighborhood- the foreclosure wave has touched all.

Right now, 8% of all homes in Texas are in some stage of foreclosure. Areas like northern Texas have rates as high as 1.4%.The county of Dallas has around 1800 properties on the market, ready for sale. The rise in number has further depressed property prices. If you are looking at making instant profits, there is nothing better than Texas foreclosures.

You might need to take extra effort at identifying these properties. You can subscribe to an online listing or a local real estate agent’s listings. Look for homes that are to be auctioned off. This will usually occur at the local county court house. Attend an auction to learn about the process. Get ready for the next auction armed with the necessary finances and information.

There are several benefits of investing in a home in Texas. The Lone Star state has varied climate and geography. It is the second largest state in the US by area and population. The early 1900 saw an economic boom in the state due to discovery of oil fields. Now it has more Fortune 500 companies than any other state in the U.S. It stands first in export earnings and has the second highest Gross State Product. Texas has ‘low taxes-low services’ reputation. Local tax burdens are the lowest in the nation. In 2004, Texas was ranked the most business friendly state by Site Selection magazine. Texas leads in production, of live stock, cotton and several minerals. It holds one fourth of total oil reserves of the nation.

Dallas Fort Worth area has the most shopping malls per capita in any metropolitan area in the US. Texas revels in American football and rodeo shows. Austin is the live music capital of the world and San Antonio, the capital of Tejano music. The Texas Medical center in Houston has the world’s largest concentration of health care and research institutions. Texas has some of the best centers of higher education in the world like the Rice University and Trinity University. These are just few of the benefits for investing in valuable real estate through Texas foreclosures.

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