Foreclosure Rate Improves in Houston
While 2010 saw the largest increase in foreclosure filings ever, a reported 26%, 2011 is finally starting to show some improvements in the market.
According to one statistics organization, a company that tracks foreclosures across the country, the foreclosure rate in Texas dropped from 2.08% to 1.89%. While these numbers may seem high, they actually are at the lower end of the spectrum as Texas has the sixth lowest rate in the country. By looking at Houston alone, Texans have started to feel somewhat relieved that the foreclosure epidemic might be coming to an end.
Since Houston has a fairly high rate of unemployment at 8%, the rate of foreclosures can be expected to remain steady until the locals are able to obtain work. Since the city does have several strong economic hubs, including a petrochemical industry and the port, it is expected to turn itself around over the next few years economically.
If you are hoping to fight foreclosure your home, get the legal resources you need to take immediate action by contacting a Houston foreclosure lawyer from the
Malaise Law Firm. We can advise you of your foreclosure alternatives in Houston, Texas.