SW, CA is a way different than where your at, we are definetly a bubble state, not sure too much about Texas, whether or not prices went throught the roof like here. Regardless, lending is a national phenomena, effecting every state, some like CA to a higher degree, therefore there is pressure for prices to keep falling. As far as buying a short sale, from what I hear its like pulling teeth, and good luck on getting a response, although you may be lucky. I just dont understand why anyone would buy a short sale in this market, most likely they are short selling is because they cannot afford the house or are way underwater, therefore if it doesnt sell soon, it will become a foreclosure, with a higher chance of it being a lower price. There is a benny for getting a short sale though, generally the house doesnt sit for long periods of time without it being maintained, but the benny's of a foreclosure are, you can put in some sweat equity and be much better off. Either way you go, do your own research on Zillow or Redfin, they have forums where you can ask any question, and you will get different views on whatever topic you post, you might find me on there as well. Im sure youll be fine, happy hunting.
