HIGH FORECLOSURE RATE FOR HIGH-END HOMES in TX ….
Homes valued higher than $200,000 make up 12% of the foreclosure market now, up from 3% in
2005, according to Foreclosure Listing Service. Dr. Jim Gaines, research ecomomist with the
Real Estate Center at Texas A&M University, said that previously easy access to mortgages & the
widespread availability of 100% financing have caught up with the owners of high-priced homes
across Texas. Postings rose 22% for homes UNDER $200,000, 71% for those priced between
$300,000 & $499,999 & 40% for homes priced OVER $1 million. Homes under $200,000 also SELL
QUICKER THAN UPPER PRICED HOMES.
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