The Real Estate market in Texas continues to grow with many houses for sale. Many of these houses may be purchased far below market rate due to the large amount of foreclosures still available in the state of Texas. Two major cities have a large volume of homes currently available. In the capital city, Austin foreclosures continue to thrive. In addition foreclosures in Houston keep the city among the top in all Texas cities. With one in every 819 homes in the foreclosure process, the state of Texas has plenty of opportunities for foreclosure bargains.

Cost of Living and Job Market

The cost of living and job market currently in Texas make it a prime choice for buyers to choose whether it is for relocation or pleasure purposes. In Austin, the cost of living is 15% lower than the national average and Houston is over 22% lower. This means when you purchase from the available foreclosures in Houston not only are you getting a home far below market rate, you are also significantly decreasing living costs after you move. Austin foreclosures give homeowners the luxury of living in a capital city without paying a large amount of capitol. The beauty of these two cities is that houses for sale throughout the metro areas mean you can live near an urban environment, but wake- up every morning to the beauty of the trees. In addition to the low cost of living, the Texas markets have good job markets in many different sectors. Whether your job involves education, technology, manufacturing, or retail, these Texas cities have available jobs for new home owners. Another unique reason for moving to Texas is the lack of state income tax. With these factors you can make more money, spend less money on taxes, and get a bigger bargain with the money you spend on your home when you purchase a foreclosure in Texas.

The median price of houses for sale in the Austin area is just over $130,000, a $5000 decrease compared to this time last year. If you choose to purchase an Austin foreclosure property, you will surely get an even larger discount from the market sales price. There are currently over 6100 foreclosures in Houston, with more soon to be on the way. This may explain why the current average sales price for homes in Houston to be just over $82,000. No matter what price range or metro area, the state of Texas is offering outstanding foreclosure deals.

In the begining, when Americans were still reeling from the after shock of a freshly burst credit bubble and a crash in the housing market, to mention the term Recession felt almost dirty. Only the brave few dared to mention the “R” word for fear of persecution or being labled as a doomsday party-pooper. Most settled for the more amicable Economic Slowdown.

But as time went on and people got used to the idea, Recession began to frequent headlines and coffee table conversations alike. It became a familiar companion and guide, helping the masses decide what to buy and what to leave out, where to go, and what to pass up on. Then, as the year 2009 was coming to a close, Economic Recovery took center stage. But ER’s fame seems short-lived, it’s spot light dimmed due to the possible immergence of Double-Dip Recession…

Our economy is still lousy: the housing market continues to be weak, unemployment remains high, and now, surprise, surprise, there has been an overall slow down in economic growth.

As economists and governement officials duke it out with the likes of Wallstreet financials and power lobbyists over what to do to spur some economic salvation, a new economic reality seems to be setting in; and all indicators suggest that it will leave an indelible imprint in the collective consumer psyche for years to come.

For the small business owner, accepting this reality and knowing how to adapt to it can make the vital difference between success and failure. In this post I will offer a rundown of the five long-term consumer trends that will continue to shape our economy- trends that small businesses owners cannot afford to ignore- and what all this may mean for the average small business in the US.

1. High unemployment changes the workforce lanscape. According to the U.S. Bureau of Labor Statistics, the rate of unemployment has stalled at 9.5%, with some 14.6 million people seeking jobs, and it doesn’t look like that figure will be coming down any time soon. The fallout? The Wall Street Journal recently reported that more people over the age of 60 are choosing to retire rather than search for scarce jobs. Many out of work are also seeking freelance or independent consultant jobs, others are trying the entrepreneurial route. In

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In short, there are three trends that will likely affect small business owners:

1. Consumers have less disposable income.
2. A large pool of talented freelancers and independent consultants are out there, and using their services is generally more cost effective than bringing these same functions in-house.
3. Depending on the nature of your small business, there may be more competition from other new business owners looking to tap into your niche market.

2. It’s becoming more acceptable to rent. There was a time when owning a piece of real estate was part of the American Dream. These days, the housing marketed is limping badly. According to the National Association of Realtors, existing home sales plummeted at staggering 27.2% in July.

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Why the sea change? Typical home buyers may lack funds to buy a new house, or they might fear investing in a property now that home prices are poised to fall again. Belying all these figures has also been a growing societal acceptance of a renter’s lifestyle. According to a recent Harvard study, the number of renters has risen by 10% in the past five years.

This trend is heavily affecting several industries including, home buildering, construction and rennovation companies, home refurbishing, home cleaners, and landscapers.

3. Saving is the (new) goal. With their hubrious in check, Americans are curbing their spending. In June, credit card balances fell by 6%, according to the Federal Reserve, while personal savings have tripled in the past three years. Another sign of a thriftier lifestyle: retail e-commerce sales rose slightly in the 2nd quarter of 2010, as cost-conscious consumers seek out the best deals.

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While no one would argue that all this saving is detrimental, the fallout has been that there is less cash flowing specifically when it is most needed to grease the wheels of our stalled economy.

4. Risk adverse money manuvering. Weary Americans seem to have lost their appetite for risky ventures. Wanting to avoid repeating the losses they suffered when the market plunged, and not trusting the current economic “stability,” individual investors have pulled out of the stock market in droves, choosing the more staid bond vehicles instead. Additionaly, many consumers as well as small and home-based business owners alike are moving away from banks and seeking do-it-yourself financing alternatives, such as peer-to-peer lending or borrowing against retirement plans.

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5. Purchases influenced by the Internet, social networking. In an effort to stretch their dollars, consumers are increasingly scouring the Internet for the lowest prices and the best deals. The U. S. Census Bureau recently reported that U.S. retail e-commerce sales for the second quarter of 2010, was $39.7 billion, an increase of 2.6 percent from the first quarter of 2010.

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This trend has been helped by the rise of Internet coupon sites as well as group purchasing sites (where consumers band together to take advantange of a promotional offers by various businesses), such as groupon.com, which have changed the way consumers shop. Social networks are also heavily influencing most consumers’ purchase decisions, according to recent research. Consumers are paying attention to recommendations made by friends or the negative comments made about new products.

http://money.cnn.com/2010/08/20/news/economy/New_normal_economy.fortune/index.htm

http://www.nytimes.com/2010/08/22/business/22invest.html?_r=1&hp

http://www.census.gov/retail/mrts/www/data/html/10q2.html

http://www.gartner.com/it/page.jsp?id=1409213

Bank foreclosures offer home buyers the chance to upgrade a great house into their dream house. For far less than can be spent on a new home, owners can purchase a foreclosed house and begin to make desired repairs. While renovations can be as simple as new paint, they could be as extreme as knocking down walls or even considering bathroom remodeling. Why purchase a more expensive new home when you can buy a foreclosed property and create the home of your dreams, saving so much more? In the latest reports, those who choose to purchase fixer upper homes for sale can often save over 25% over the market rate of the home. The substantial savings from the purchase of the foreclosure house can then be used to make simple or extensive repairs and modifications, often time leaving money left over. In some parts of the country, the savings go even further such as purchasing one of the many Houston foreclosures for sale currently available.

Houston, a Hot-Bed of Foreclosure Action

Texas recently ranked in the top ten States with the most foreclosure. Bank foreclosures for sale are still at a record high and growing in the State. The number of Houston foreclosures has recently jumped providing plenty of opportunity for those interested in living in the Houston area. Those who choose to buy bank foreclosures in Houston can save more than the national average of 25% due to the current saturated Real Estate market. It’s not just downtown Houston with outstanding prices on fixer upper homes for sale, but the entire Houston metro area and surrounding counties. Whether the buyer has plans to redo the floors or put in a pool in order to beat the summer heat, purchasing a foreclosed property can allow a buyer the chance to put their own taste in design on their new property.

Even More Texas-sized Savings

With so many near-by activities, including the beach and three pro sports teams, those who love warm temperatures and good prices will love Houston foreclosures. With such a saturated market, foreclosure buyers can experience outstanding savings compared to the market rate. A hidden bonus in the many fixer upper homes for sale in Houston is that a low cost of living. Repairs on a foreclosed property in Houston won’t spend much money, because Houston stands well below the cost of living average for US metropolitan rates and this means low cost remodeling and home upgrades. The costs of construction materials and labor in Houston is lower than the majority of the US; meaning, the savings in purchasing one of Houston’s bank foreclosures stretches farther than just the purchase price.

The oldest personal loan lender in the country, HSBC has opted to slow down its retail and credit card divisions as it plans to concentrate more on global banking, investment banking, wealth management, insurance and mortgages.

Naina Lal Kidwai, HSBC India Group GM and Country Head said, “We will not chase retail customers till we turnaround our loss-making retail lending and credit cards businesses. We hope to do so by the end of the year”.

The bank has lately taken over the retail banking division of Royal Bank of Scotland.

Kidwai said, “HSBC won’t go after customers to sell our retail banking or credit card products as that will impact the quality of our services, besides increasing our risk portfolio”.

On the subject if the bank intends to quit from credit card division, Kidwai said, “There is no such plan, but we will not be running after customers to sell a credit card or a personal loan. There is no plan whatsoever to discontinue this business, as we’ve a customer base of 1.5 million even today.”

Asked why this go-slow method, she said, “Our rapid expansion in the past has led to the growth of some riskier assets and we don’t want to grow that way. In fact, we have been going slow on retail banking since the past four years or so, and by the end of 2010, we will have more good numbers to share on this front.”