Texas is doing relatively better than other states that have been hit hard by the foreclosure house crisis which started more than two years ago. According to local officials, the financial status of the state, along with its job market and housing industry, is doing better compared with other areas of the U.S.
One of the proofs cited for this claim was the improvement in the sales tax revenue of the city of Austin which was a major concern one fiscal period ago, when tax receipts declined partly due to the high number of Austin bank owned homes. However, sales tax in the city has surged in the last few months.
Another factor that strongly supports the assertion that the state is in a good financial and economic condition is the lower number of Texas foreclosures when compared with other states. Foreclosure rate in Texas has a ratio of one household out of 819, which is a lot better than states like Arizona, Florida, Nevada and California.
Despite the foreclosure house crisis, consumer confidence in Texas is also in a very good position, with indexes showing a score of over 64%. The figure is significantly higher than the national consumer confidence average of 50.4%.
There is also stronger hope that the number of people who will buy foreclosed properties for sale and newly built houses will increase as unemployment rate remains lower than the national average. The state's unemployment rate is pegged at 8.2% compared with the national rate of 9.5%.
In addition, the state's finances are currently riding a total of $7.8 million which is expected to increase to a little over $8 million come August. Local authorities have cited the ability of Texas to diversify its financial foundation beyond the gas and oil industry as the primary reason for its current financial strength. They added that the state has a higher level of diversity, even when compared with Canada and Mexico.
Local financial experts are predicting that the state is on its way towards economic growth that not even the foreclosure house crisis can prevent. They further added that the state is the primary attraction in the country's internal migration which could bring significant changes in the whole nation's economy.
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