Foreclosure update...

 

Thought this was worth repeating,

Texas leads nation in surprising foreclosure statistic

Posted on January 28, 2012 by Texas Association of REALTORS®

With one in every 1,133 homes receiving a foreclosure notice during December 2011, Texas has nowhere near the problem facing states like Nevada (one in 177) and California (one in 254), according to RealtyTrac.

There is one foreclosure measure, though, where Texas ranks first: speed. The foreclosure process last year averaged 90 days in the Lone Star State. Foreclosures in New York and New Jersey take 10 times as long, while the national average is nearly a year.

Some argue that a shorter process leads to more foreclosures, since homeowners have less time to make good on late payments and penalties. Others believe that drawn-out proceedings give borrowers an incentive to live in their homes without trying to cure the problem.

You can point homeowners with mortgage difficulties to KeepMyTexasHome.org. The site, created by the Texas Association of REALTORS®, provides comprehensive information about the foreclosure process and resources that could save one of your former or future clients from experiencing just how swiftly a Texas foreclosure can take place.