reo homes

Harlingen City nestles in Cameron County deep inside the Rio Grande Valley of Texas, USA – it being the second biggest in the county and the third in the valley coming after Brownsville and McAllen. In 2000 the population of the city was 57,564. In the Harlingen Metropolitan Statistical Area Harlingen is the most important city. It is a part of the more extended Brownsville-Harlingen-Raymondville Combined Statistical Area. The strategic location of the city at the intersection of two highways has helped it to develop into a hub for distribution, shipping and industry.

There was a flurry of prosperity and activity in Harlingen with the setting up of military installations following World War II. This led to a growth in population. There was a surge of Hispanics coming in as the focus was on utilizing the abandoned bases productively. The economic base was broadened to include tourism, trading in cotton and citrus fruits as well as light and medium manufacturing units. The service sector was also expanded.

Against this background sneaked in the housing crisis causing Harlingen Reo homes. By Harlingen Reo homes are meant those houses that have been taken over or repossessed by the lenders, usually the banks after having foreclosed upon them. Harlingen Reo homes have always been part of the mortgage world but it is the sudden and staggering increase in numbers of Harlingen Reo homes that is causing grave concern. The biggest fear from Harlingen Reo homes is that these are left neglected by the banks. These Harlingen Reo homes attract like magnets crime and disease. The banks are overwhelmed by so many Harlingen Reo homes that they are reluctant to take over the responsibility as this involves more expenses for the already besieged banks.

According to First American foreclosure rates jumped in the Brownsville-Harlingen MSA increased in March 2009 as compared to March 2008. In this region the rate of foreclosures was 0.9% for March 2009 registering a jump of .1% as compared to the same month in the previous year. However in this region foreclosure activity was lower than the national figures that read 2.1% in March 2009.

For the period stretching from April 2008 to March 2009 there were 3,908 foreclosure postings in this Brownsville-Harlingen MSA region. Roughly each day there were 10.71 foreclosures. In the previous period from April 2007 to March 2008 there were 2,805 foreclosures counting to about 7.68 per day.

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