Front page from the fishwrap. 8300 foreclosures in the Houston area in 2004, more than double the total from 5 years ago. 16% incrrease in the first 7 months for 05 for the same period compared to 04. Texas is #1 in house foreclosures nationally. What I find about this being so odd is , our houses haven't escalated in value like the rest of the country, rating #2 in the country from the bottom in appreciation, and on top of that you can probally get more house here for the buck, versus the rest of the country. A 200k house here is double that just about everywhere else. Is this a sign of things to come, I don't know , but I remeber thats how I bought my house , from forclosure, after the savings and loan fiasco. Is the general public, actually making that much more , to afford these high prices in the rest of the country, or will a recession turn the whole thing upside down. I would never have expected Tx to be #1 in forclosures, with the cheap housing here, but then again we are being run over from illegals of all sorts. But hey, they don't buy houses anyways. Just wanted to pass it along . Big Al may be on to something, just a little before his time
I find that surprising as well. The housing market here in Houston has seen hardly any appreciation, especially when you add property taxes into the mix. My place has gone up 35% in six and a half years. If I add what I paid in property taxes and the few improvements I have made, I end up even! Very frustrating to live in a place that has seen no appreciation but that will likely suffer as well when the bubble pops!