Texas Real Estate Update: Rising Foreclosures Signal Market Shifts in 2024

Foreclosures are beginning to show an increase in the State of Texas starting the second half of the first semester, reflecting a perspective of challenges and opportunities in the real estate market directly affected by the country’s economic situation.

The challenge lies for those homeowners for whom the current economic situation negatively affects them such as inflation, high interest rates, unemployment, and the termination of programs that were created during the pandemic, which consequently brings an increase in the processes of foreclosures.

Opportunities also arrive for those investors who face the increase in the supply of properties from banks the prices tend to go down and it is taken advantage of, making the real estate market dynamic.

The foreclosure market in the State of Texas constitutes a challenge for the local government due to the increase of this since its outlook in the short or medium term does not seem to change reflecting the continuous financial efforts of owners who are not willing to lose their property.

Texas is one of the states with the most foreclosure processes, with Houston and Dallas being the cities that have the most open processes.
From the Local Government, they believe that one way to prevent the processes of foreclosures is to work in the phase of pre-foreclosure where there are several channels to renegotiate the debt and not enter the next phase.

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