Perhaps not surprisingly, Texas foreclosure rates are very low in comparison to other states during these past years of recession and bankruptcy. The Texas economy and it’s housing have been hurt, but values have lowered much less, job creation has continued, and consumers are still buying property. Because of all this, home values haven’t drastically lowered as in other states. This is in many ways because the economic slump didn’t start effecting Texas until 2008. Since 2008, home values, jobs, and median incomes have gone down. But it may be safe to say that we are already through the toughest moments.

This blog post points out some facts which may help you in your bankruptcy and foreclosure process. What numbers do you need to know? How can you avoid foreclosure? Let’s find out.

Numbers Which Help
According to recent studies, Texas has avoided the economic crisis caused by a significant housing slump with no true secrets. Property values have lowered, foreclosures have increased, but much less so than other states. Sales and construction have indeed slowed, but more single family homes are being bought again. If you look at the single building homes purchased in May of 2009 and compare them to May 2010 you’ll see that more building permits have been issued. This is more significant than it may sound: with families buying homes again, it portends to an economy ready to grow. Homes sales have gone up, multi-family building permits are up, and the actual value of single family homes has decreased by less than half a percent.

Foreclosures have been different for Texas. In 2006 and 2007, the beginning of our housing crisis, Texas had some of the lowest rates of foreclosures of all states. In fact, foreclosures didn’t start to really become noticeable until 2008. Foreclosure rates have increased steadily since 2008, but not as bad as other states.

Where are we at today for foreclosures? Some states are at about 1 in 100 mortgages going to foreclosure – very scary numbers. However, foreclosures for Texas are very low in comparison, being about than 1 in 850 homes going into foreclosure. That’s an incredible difference between states like Nevada, whose foreclosure rates are less than 1 out of every 100.

What This Means To You

This all does not mean we are out of the problem yet. The Texas median income for families has gone down some, as have home values. Foreclosure is still a big danger. However, there are many ways to avoid foreclosure, namely filing Chapter 13 bankruptcy. The problem is that many fail to file for bankruptcy in time. If you wait too long, you risk losing your home. If, on the other hand, you file for Chapter 7 bankruptcy, it quite often fails to save your home unless you can come up with the money. For homeowners fearing foreclosure, contacting an experienced Texas bankruptcy attorney is a very good first step.