POSTED: Thursday, August 15, 2013 - 6:25pm
UPDATED: Friday, August 16, 2013 - 11:54am
(KETK) - Tyler Tx — Realty Trac just released their U.S. Foreclosure market report. Nationally, about 130,000 U.S. properties with foreclosure filings were reported.
Up two percent from the 78 month low in June. But, down 32 percent from July of 2012.
"Just because it slowed down, doesn't mean it's over," said Corinne Shearer. "By any means."
According to the report, about one in every thousand U.S. housing units had a foreclosure filing in the month of July. And Texas is not excluded from the increase in foreclosures.
Nationally, the foreclosure rate is one percent, in Texas it is five. And while the top foreclosure rates are in the bigger cities like Houston and Austin, we are still seeing our fair share here in East Texas.
And Upshur County is one of the worst.
"It's terrible everywhere," Shearer said. "And it's filtering down and it's affecting everyone across the board. And I don't think we've seen the end of it."
Corinne Shearer is the owner and broker of American Real Estate Services in Gladewater.
She says we are seeing foreclosure increases because there are no jobs and people just cannot make payments.
"When there's no money and there's no jobs coming in," Shearer said. "The choices are, 'do I feed my family or do I pay my mortgage.if the economy hadn't of cratered and we didn't have the policies we have now we wouldn't have nearly as many of the foreclosures as we have right now."
Experts speculate another reason for the foreclosures is because companies were too lenient with their loans and the people were not able to pay them off.
"I think that's why we were in trouble two years ago," said June Weems. "Because people were not meeting that criteria and they were getting loans that they were not going to be able to fulfill."