Why Are There So Many Foreclosures?

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Dick Lavine /(512) 320-0222 x 101

November 9, 2006

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Rising appraisals and property tax rates are often blamed for the recent increase in the number of foreclosures in Texas. Families fall behind in their home-related payments for many reasons, including high utility rates, expensive homeowners insurance, boosts in adjustable rate mortgages, and poor underwriting. Texas laws already provide homeowners many protections against increasing property taxes. The focus of efforts to reduce foreclosure rates and keep families in their homes should be on what is causing the problem, not on property tax rates and appraisals.