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Falling Oil Prices Linked to Rises in Texas Foreclosure Rates

Posted By Allmand Law Firm, PLLC || 14-Jan-2016

According to an article published by CNN money, plummeting oil prices may be related to problems with housing markets in Texas, Oklahoma, and North Dakota. While the national rate of foreclosure filings has dropped to a nine-year low, states heavily involved in the production of oil have not been as lucky. As oil prices have declines, foreclosure filings have increased in these three states.

The potential cause? Lower oil prices have led to massive layoffs throughout the country, causing strain in local economies closely tied to the energy sector. North Dakota, for example, was hit the hardest, suffering a 387 percent increase in foreclosures last year. In Oklahoma, 11,388 properties received at least one foreclosure filing, bringing its rate of foreclosure activity up 36 percent. And Texas, which currently has one of the fastest foreclosure processes in the country, began seeing a rise in foreclosure filings in 2014. Foreclosure activity has risen 15.7 percent for the state as a whole, but many oil boom towns have seen significantly larger increases. The west Texas town of Midland, for instance, saw a 36 percent increase over the previous year in 2015.

Because these three states made it through the 2008 housing bust relatively unscathed, their current housing markets are reflecting a new wave of distress unrelated to activity leftover from the subprime loan crisis. Cities dependent on the oil economy may be at risk as the effects of this new crisis ripple out to other areas.

Skilled Foreclosure Defense in Dallas/Fort Worth

Facing a foreclosure in Texas? Allmand Law Firm, PLLC can help you fight back! Now is the time to speak with a Dallas foreclosure lawyer at our firm to begin discussing your options. We can help you put a stop to your foreclosure proceedings, protect your credit history, attempt to lessen your unsecured debts, protect you against potential tax obligations, and more. Certified in Consumer Bankruptcy by the Texas Board of Legal Specialization, Attorney Reed Allmand is a seasoned and compassionate attorney committed to putting your best interests first.

Request a free consultation with our firm by calling (214) 238-9608.

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