Austin foreclosures down 18.5%

Category: Headlines, Real Estate Market Update, Residental No Comment September 22, 2011

Austin area foreclosures fell below the 1,200 milestone for the sixth consecutive month. However, analysts say the number of foreclosures are still high and there is no hope for the shadow inventory to shrink.
According to recent statistics published by the Foreclosure Listing Service the upcoming Oct. 4 foreclosure auctions in Travis, Williamson, Hays and Bastrop counties total 1,024 properties, a 18.5% decline compared to a year ago.
“Without a doubt, this is good news,” said George Roddy Sr., president of the Addison-based service. “But I am still very guarded about the foreclosure market, not just for Austin, but throughout Texas.”
Although postings have declined, “I am not celebrating a turnaround yet,” Roddy said. “There simply has not been enough improvement in the economy to overcome my concerns.”
“Yes, some economic indicators have turned the corner, but I am looking for long-term, sustainable growth that will positively put money back into a family’s pocketbook so that they can make and catch up on their mortgage payments,” Roddy said.
However, the 18.5% decline is the general number, as Travis County’s October postings are down only 12.4% compared to a year ago, while Willianson County recorded an even higher decline, 19.1%, Hays County only 14.7% and Bastrop County registered a 13.6% decline compared to the same period of 2010.
“There is starting to be light at the end of the tunnel here in Austin because of our stronger than average job growth, but we will still continue to see a large number of foreclosures coming posted for auction each month,” said Peter Sajovich, president and CEO of eCounty Inc., an Austin-based real estate investment and development company that specializes in buying foreclosure properties for investors.