I ran across an article on foreclosures for the State of Texas and what the future may hold in this arena.  I will post an excerpt of the article below from the Dallas Morning News. 

Unfortunately, the statistics show that distressed properties (those that have missed payments or are in the process of foreclosure) are going to be on the rise nationwide and aren't likely to decrease any time soon.  For that reason, I have just gone through some very extensive training from the Distressed Property Institute to obtain the CDPE designation...what that means for you is that I am very knowledgeable in alternatives other than foreclosure for homeowners that are in trouble or behind in their payements.  These options are far better than foreclosure.  If you or anyone you know could benefit from learning about these options, PLEASE contact me at shanetwhite@remax.net or at 512.515.5263.  AND know this, you are not alone in this situation...projections show that 1/2 of the homes sold in 2009 will be distressed properties! 

Here is the article I mentioned at the beginning of this blog:

SENATE TO FOCUS ON FORECLOSURES

AUSTIN (Dallas Morning News) – With 96,000 home foreclosures statewide in 2008, officials are eager to hear the status of Texas’ housing market from real estate experts in the current Senate session at the capitol.

A similar number of foreclosures are expected this year, and at least one in three Texas homeowners will feel the effects of the large number of foreclosures across the state, a Senate committee heard Wednesday.

Texas has fared better than many states even though it saw a surge in subprime mortgages in recent years, said David Long, president of the Texas State Affordable Housing Corp.

More than a third of all home loans in Texas were subprime in 2005 and 2006, a number trailing only Mississippi, according to Long.

Long told the Senate Intergovernmental Relations Committee that by the end of 2010, about one out of every 35 houses in Texas will have been foreclosed upon.

Legislators are expected to consider several measures related to foreclosures in their current session.