TX Foreclosures: How many in Austin?

[hound 109]

Originally Posted by 2austin

What kind of houses exist in 78644? McMansions, middle or entry level homes?

I am wondering why would Round Rock be in the list given its proximity to many large and stable employers and good schools?

Entry & mid level homes built by track builders who:

- build on cheaper dirt.
- sell primarily homes to folks who require -0- down.
- have their own "in house" mtg. company (that the buyer is forced to use to get the upgrades) who's job is to get folks in the home.
- provide 3% realtor commision & 5-6% "upgrades".
- provide paid for closing costs 3-6%. Resulting in 12-15% of "air" in the home.
- the low/mid level buyer only cares about "how much down", how much a month, & the result is that they don't have any skin in the game.

When either a job is lost, a divorce takes place, a job transfer takes place or an ARM that the in house mtg. provided "resets". The person can't sell the house because they are 10-20% upside down... so they turn in the keys.

Thank you federal govt. for encouraging 100% loans.
Thank you builders who build crap homes & inflate the home by 15-20% & have your own in house mtg. company. (& pave over the land & depress the home values all around you & create infrastructure needs that eveyone must around you must pay for & will take decades to pay for).
Thank you realtors who take first timers to these people.

Even in a good market (like Austin) it's easy to see it happening. God help us if the local real estate market heads south.

[Mike78613]

I hate those flipper on homes.