A report this week from the Mortgage Bankers Association found that 14 percent of homeowners with a mortgage were either behind on payments or in foreclosure at the end of September. 

That marked a record high for the ninth straight quarter.  The main reason for the number of foreclosures seems to be lost jobs.  The hardest hit states include Florida, Nevada, California, and Arizona.

In the Houston market, we do expect to see more foreclosure properties enter the market in the new year.  If you are a home buyer or investor, it's a great opportunity to find a property. 

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