House owners in other staff add to a grief of loss of the right of the repayment...

House owners in other staff add to a grief of loss of the right of the repayment
The absent owners tempted to the Central Texas with the prices, find investments закисляемыми high taxes, also the easy credit.

Several years ago, investors from California and other markets of boom were flown down to the Central Texas, searching for houses to buy. Has much bought some buildings, hoping to transform into cash, leasing houses. 

But now some of those investors do not carry out the obligations on their mortgages and become the growing factor in an increasing problem of loss of the right of the repayment in the Central Texas. 

For one only last two months of loss of the right of the repayment of the houses belonging to inhabitants in other staff, have flowed in County Travis more than four times norm of losses of the right of the repayment everywhere since the last year based on numbers from Rexreport.com, the company of San Antonio which collects lists for investors who buy such properties. 

Fifty two properties belonging to inhabitants in other staff - mainly Калифорнийцам - are sent for auction of loss of the right of the repayment 5 авг. In County Travis. These are 13 percent of total, approximately from 5 percent for each of last two years. 

In County Williamson 6 percent of a set of properties which will be sold from auction next month, have owners in other staff. 

In districts Travis and Williamson losses of the right of the repayment above for 23 percent this year, including registration for auction 5 авг. It returns to their levels, the last noticed in 2004 when the Central Texas was still shaken from effects of technical depression of the industry. 

Next year, however, the local economy has begun strong restoration. And it - when investors of habitation of profit. 

Builders and real estate firms have started to advertise in California, Nevada and other markets where the house prices have flied up, advertising a relative admissibility of houses in Austin and their investment potential. 

Firms even took groups of prospects in bus rounds on the Central properties of Texas for sale. 

Maricel Ruzol, Лас Вегас has registered the nurse, took one of rounds in 2005 and has bought ranch on 1 800 square foots home in the Pioneer Crossed, Round Mountain division. It has suppressed 5 percent and two mortgage - both on подглавным to norms - for 151 600$ has received. 

But it was firmer, than she expected to find tenants, and taxes to the property, much more above than in Nevada, have shaken it. 

When the washing machine of the tenant worked with failures, causing water damage, Ruzol has told, it did not presume to herself repair. 

Even after reception of collateral work, "I do not presume to pay to myself mortgages more," she has told. "Those buildings were good, and they were really cheap, but they did not explain taxes to the property to us. And they too much." 

The bank excluded on the house in this month. 

The huge majority of owners in other staff in the Central Texas from California where the flowing prices for real estate earlier in a decade have allowed many people to borrow on the action in their houses based on data Rexreport. 

"At considerable quantity Калифорнийцев was so a lot of action in their houses, they looked at other places to invest the capital," Gary Painter, the director of research in Real estate Center Lusk at University of Southern California has told. "It only makes sense, that once Phoenix and the Las-Vegassky markets shot so quickly, that investors looked at other places at which was less than price risk." 

The easy credit, and it is low or any advance payments, also forced many people to buy investment properties. 

"They have been not too interested that they paid," George Roddy the sir, president Foreclosure Listing Service Inc, companies Addison that losses of the right of the repayment of traces has told. "Their process of thought was..., they will hold the property during five - seven years and to wait for an estimation." 

But when low interest rates under the mortgage of the tease have expired, the adapted shot interest rates or owners have faced financial problems, they any more did not presume to themselves payments. 

"Indulgent process of the loan... Was finally wreck," has told Родди. 

Some investors have bought two, three, six or more properties in complexes совладения or divisions. And some of them have lost repeated properties to loss of the right of the repayment. 

Investors lose money and finish with a mark about unreliability on their reports of the credit. The neighbourhood can suffer, if there are groups of losses of the right of the repayment which can mention the prices. 

Peter Sajovich, the investor of real estate and the broker/owner with Re/Maksom Austin Advantage, has told, that many from from the state buyers were naive. 

"They have entered in 2005 and 2006, thinking, that our values were going to double as, they have made in California, and they borrowed each penny, they could," has told Sajovich. 

But the prices of Austin never grew upwards as they have made in some other states and when investors could not find tenants or faced the major repairs account, they did not have money to make it. 

"They became greedy, took easy money, and now they pay the price for them," has told Sajovich. 

David Buttross, the investor of Austin in the excluded properties, has told, that many of buyers in other staff entered in members of clubs of real estate or went to investment seminars where it have told, that they could make fast dollar. 

"They have been filled up by the counterfeit information," has told Buttross. "They have paid more for properties, than they cost. They do not have financial assets. They are clever people, but they have not made it, and they did not know a trap." 

Buttross foretells, that losses of the right of the repayment will continue to raise, as investors in other staff leave the market. 

"You are going to see quite оперившееся deviation," he has told.