The problem of foreclosure continues to hound Texas. Statistics showed that the number of Corpus Christi bank owned homes for sale continues to climb, while foreclosure rates for the whole state rose significantly during the first half of 2010. Figures from January to June showed that Central Texas was hardest hit by increasing foreclosure rates.
Texas bank owned properties and foreclosed homes figures climbed during the six-month period, with Central Texas recording a foreclosure rate increase of over 40% when compared with the first six months of 2009. More than five thousand dwellings underwent foreclosure or were at risk of being foreclosed during the first half of the current year.
Manor and Hutto were the areas that suffered the most during the half-year period, with foreclosures and bank owned homes for sale surging upward in both counties. In Manor, one home for every 56 had received a foreclosure filing, while one Hutto household for every 57 received a filing. Other counties that recorded significant increases were Travis County, Williamson County and Bastrop County.
According to local real estate analysts, most homeowners of Corpus Christi bank owned homes for sale or Hutto foreclosed properties or Manor distressed dwellings could have avoided losing their properties if support and help were provided the moment the threat of foreclosure appears.
They added that the federal government's plan to expand foreclosure prevention efforts will provide some relief to troubled homeowners. They also stated that the plan to offer struggling homeowners with new loans supported by the Federal Housing Administration will go a long way towards keeping homeowners out of the foreclosure trap.
Meanwhile, local real estate experts have warned homeowners to be wary of companies pretending to be offering foreclosure relief since some of them are not legitimate or licensed businesses. They also remind residential property owners to deal only with the companies that handle their mortgages and to conduct negotiations directly.
The first six months of 2010 saw Corpus Christi bank owned homes for sale increasing in number and most of Central Texas suffering from rising foreclosure rates. For now, analysts believe that government help and lender considerations will go a long way toward slowing the foreclosure tide in the area.