The Housing Crisis is Breaking The Backbone of Texan Economy

Texas State is in south central USA. Austin is the capital but the hub of activity is around Houston and the Dallas/Fort Worth region. This is the fourth largest MSA in the country. The Texas scenery is fascinating as it unfolds from desert land to pine and oak woods and prairie. Everything is big in Texas. The prosperity of Texas began with the oil boom in the 1900s. Today another chapter is being written in the history of Texas entitled Texas Bank Repos. It is a story of despair and gloom and a far cry from the euphoria of golden days of oil. The economic base of Texas is multifaceted with activity in high technology, research in biomedicines and focus on higher education. As per 2006 census the Whites (non-Hispanic) consist of 48.9% of the population. In politics Texans are largely prone to the Republicans. Most of the concentration of population and Texas Bank Repos are in the urban centres of Houston and Dallas. The economy is diverse and the steady growth rate cannot explain why there have been so many Texas Bank Repos. Texas is a business friendly state with generous tax laws and state encouragement. Thus Texas Bank Repos are baffling experts. It has a solid agricultural background that should be able to absorb the backlash from foreclosures.

Defying all logistics the number of Texas Bank Repos are soaring. By Texas Bank Repos is meant those foreclosed units that have failed in court auctions and have been taken over or repossessed by the banks or lenders. Foreclosure and repossession have always been there in the mortgage world. It is the phenomenal increase of Texas Bank Repos as elsewhere in the country that is causing grave concern in USA and abroad. The numbers of Texas Bank Repos are increasing because of poor planning and inflation. In North Texas the problem of Texas Bank Repos is most acute. There has been a spike of 30% in residential foreclosures. Invariably all these units end up as unsold Texas Bank Repos. In Dallas Fort Worth in July 3,800 houses were at foreclosure risk. Texas Bank Repos are bringing back nightmarish memories of 1998 and 1999 when a local recession had swallowed up properties. During the first two months there had been more than 28,000 foreclosures and that can easily equate to so many Texas Bank Repos. The market is so dull that foreclosed houses are not selling.

Texas Bank Repos spell danger for the neighbourhood as the vacant Texas Bank Repos attract crime and disease. Prostitutes, drug peddlers and vandals move in for the kill into vacant Texas Bank Repos. Mother Nature does the rest of the work of destruction of Texas Bank Repos with her team of termites, rodents, overgrown grasses, snakes and stagnant pools. This brings down the property value of adjoining estates and further adds to the chaos.

Massive federal help is forthcoming to stem the tide of foreclosures that is spelling disaster for the general economy.