Texas is known as the Lone Star State located in south central USA. Austin is the capital and Houston is the largest city. Texas presents a variety of colours from desert landscape to pine woods and prairie land. Foreclosure homes in Texas are adding to the kaleidoscope. Texas has been centre of the cattle industry. Today foreclosure homes in Texas are taking over centre stage. The name of Texas is associated with the cowboy but today foreclosure homes in Texas are stealing that identity. Texas is close to Spanish and Mexican influence from the south. One of the reasons cited for increasing number of foreclosure homes in Texas is predatory lending. The minorities were the targets of these fraudulent practices that ultimately led to so many foreclosure homes in Texas. The word oil and Texas go together. As such it seems difficult to understand that in such an oil rich area foreclosure homes in Texas should pose a problem.

During the first quarter there was a sharp rise in the number of foreclosure homes in Texas - especially in the North. But lately the pace of foreclosure homes in Texas has slowed down a bit. This inching forward of foreclosure homes in Texas will taper off towards the end of the year. The number of foreclosure homes in Texas set up for sale in June the numbers increased by 3% and was considerably less than the first quarter of the current year. But foreclosure homes in Texas have increased by 20% from what it was during the same period in 2007. Thus the increasing pace of numbers of foreclosure homes in Texas continues steadily.

In June 3,800 houses are waiting for auction. The majority is coming from the metropolitan zone in North Texas comprising of Dallas and Fort Worth regions. Denton city has many foreclosures. The biggest jump has been noticed in Collin County with the number of houses ready to be sold increasing by 17%. It is generally noticed that of all the mortgages in default 50% to 60% end up as foreclosure sales. With worsening of the food and fuel prices it seems inevitable that the foreclosure situation will get worse in Texas.

The only silver lining is that a considerable number of buyers are snapping cash deals coming from Mexico. Monterrey is the centre for such transactions. Many of the Mexicans have their children studying in USA. Thus for them it is beneficial to buy houses on this side of the border.

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