I was speaking with an out-of-state investor yesterday about Houston and how great the market is there.
Our team is located in Austin, but we know many areas of San Antonio and Houston just as well. Since he wanted to 'flip' properties, I explained that the Houston market can be better than Austin since it's much larger and more affordable.
One downside to any market is when real estate agents, mortgage brokers and/or appraisers get together to dupe a bank by committing mortgage fraud. A story on MyFoxHouston.com illustrated how the "straw buyer" technique was used in the most recent conviction in Houston.
Link: MyFox Houston | Houston Real Estate Agent Guilty of Bank Fraud.
Check out our previous article on a Texas Mortgage Fraud Case. Also read Mortgage Fraud Makes a Comeback
It definitely hurts the market.
Posted by: Chris Dowell | Thursday, September 06, 2007 at 08:18 PM