The fourth largest city in US is Houston. It is in Texas state. Since the last few years Houston foreclosure homes are causing concern. Houston is the headquarters of Harris County and the economic hub of the metropolitan area covering Houston, Sugar Island and Baytown. It is surprising that Houston foreclosure homes are increasing because Houston is famous for its international port, railroad connections that were fed by the discovery of oil in 1901. Houston became in the middle of the 20th century the world’s largest center of healthcare and related research institutions. Johnson Space Center with its Mission Control Center is located in Houston. Despite all these positive points Houston foreclosure homes continues to keep in pace with the national trend of rising foreclosures and falling real estate market. Even the industry base founded on manufacturing, aeronautics and technology has not been able to stem the tide of Houston foreclosure homes. It is a gamma city and second only to New York as regards Fortune 500 headquarters of commercial houses. Houston is located on the plains of the gulf coast and it has a vegetation that consists of temperate grassland as well as forests. The city came up on marshy swamps – this together with the spread of urban sprawl has led to chronic flooding problems. Houston has a humid subtropical climate susceptible to thunderstorms and tornadoes. Right now Houston foreclosure homes are buffeted by mortgage storms of tsunami dimensions. Houston has the largest concentration of residents from the Indian subcontinent coming from India and Pakistan. Little less than half the population are white, with 26% Afro- Americans. There are a large percentage of Hispanics. These demographics are important to analyze the cause of Houston foreclosure homes and its fall out.
The Bush administration has set a five year freeze on certain sub-prime mortgages. This will give relief to many victims of Houston foreclosure homes. It will apply to those Houston foreclosure homes that made the mortgages in the beginning of 2005 till 30th July 2007 will benefit. The rates are set to rise between January and July 2010. According to reliable statistics released by local economist Barton Smith there are about 37,000 Houston foreclosure homes that will reset by the end of year. Houston foreclosure homes will rise to 50,000 in the following year. The victims of Houston foreclosure homes are stressed with various kinds of debt, opines Smith from Houston University.