The Carvajal Group Blog

May Foreclosure Filings Post a 29 Month Low

April 19th, 2011

It seems as if the foreclosure frenzy that has taken place over the past 2 plus years is finally slowing down. Although Austin and the State of Texas experienced no where near the record number of foreclosure filings in states such as Nevada, California, Arizona, and Florida, the circumstances did have an effect on local markets.

Lenders posted 974 properties for the May 3 auction which was down 14% from a year ago. It was the second month in a row of year-over-year declines, according to figures from Foreclosure Listing Service Inc., which tracks postings for investors interested in buying the properties. George Roddy Sr., president of the Addison company, said, “It’s too early to declare victory over foreclosures, which have cost thousands of Texans their homes in the past few years.”

Mr. Roddy Sr also stated, “I believe this is an artificial decline in foreclosure notices due to the tremendous scrutiny applied by regulators during recent months in response to publicity about past problems with the foreclosure process, including robo-signing.”

His “robo signing” comment is in reference to mortgage company employees signing thousands of foreclosure notices without even looking at the files. The process was discovered at the federal and state levels after investigation into how banks handled their foreclosure process.

The filings count foreclosure postings in Travis, Williamson, Bastrop and Hayes counties. For the past 2 years, the Austin real estate market saw average postings over 1,000 per month. Although the May postings were significantly lower, the number still reflects a count that is 23% higher than in May 2008.

The foreclosure market in Austin is consistent in neighborhoods throughout the city’s growth corridor on the edge of town. Leander, Hutto, Manor, Cedar Park, Elgin, Buda, and Kyle are among the cities hardest hit by foreclosures. The turmoil brings opportunity to potential home buyers and investors with the opportunity to purchase homes for sale in Austin, Texas below market value. If interested in receiving more information on these areas for assistance buying Austin Real Estate, contact one of our HUD/REO home specialists to learn more about the process and sourcing great deals.

 

Tags: Austin Homes for Sale · Austin Investment Property · Austin Real Estate