Texas Foreclosures Help Mexican Buyers
Filed under: Foreclosures
About a century ago Mexico lost Texas. Texas became a state of USA by a treaty of 1848 at the close of a three-year with Mexico. Today Texas foreclosures are helping Mexican buyers. Virgilio Garza is one of them who want a piece of his ancestral land back – and his willing to pay for it!
There are For Sale signs in Texas showing booted cowgirls wearing white hats. Garza came to the Monterrey Convex Centre in June to meet a realtor to buy foreclosed unites. 45-year-old Garza categorically stated that Texas was like his home. Many other Mexicans like him poured over lists. Garza owns business and property in Mexico. He and his partners are ready with $8 million to buy property in Texas and are optimistic about opportunities. Sophisticated businesspersons they surmise that this is the right time to strike. Everybody right now wants cash in USA and that is one thing the Mexicans have – their pockets are bulging.
In Mexico the economic climate is sunny with the peso rising and the economy running at a faster pace than that of USA. Taking advantage of the reigning foreclosure crisis in USA they are rushing in to snap up deals. The peso has overtaken the dollar by 3.2% since the start of this year. The economy in Mexico increased by 2.6% according to a survey conducted by a central bank. In contrast the economy in USA will grow by 1.4% in 2008 as per the study undertaken by 57 economists under the aegis of Bloomberg.
Marco Ramirez runs Now Co. of Texas. His business is to sell foreclosed houses in Texas to Mexicans. So far the company has bought 32 foreclosed units and 88 more are on the option list. Marco gives preference to Mexican buyers in Monterrey, which is 150 miles from the border with Texas. Many of the potential buyers have children studying in USA and are living in rented or leased accommodation. So for them it is a great time to make purchases.
The foreclosure picture in Texas is not as bleak as in California or Florida. Nevertheless the sale of houses here fell by 12% from what it was during the first quarter of the previous year. Texan foreclosures increased by 29% during the first three month of this year, with a foreclosure rate of 1:274 according to RealtyTrac. In the national foreclosure race Texas ranked 17th.
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July 15th, 2008 at 2:00 am
[...] Foreclosures surged forward by 53% in June in comparison to what it was in the previous year. It had decreased by 3% from May. The apprehension is that foreclosures will further increase according to RealtyTrac findings. [...]