Foreclosures in Austin in 2009 could be the most ever - Austin Business Journal (Houston: sales)

[inthecut]

A report was just out that said that we are well on mark to have a record number of foreclosures in Austin in 2009...

Per the article:

"This is the highest that I have seen since Foreclosure Listing Service began tracking foreclosure activity here in 2001, and it very well could be the highest ever,” said George Roddy Sr., president of Foreclosure Listing Service.
The 14,000 postings represented a 57 percent increase compared with last year’s 9,000 postings, which was a record at the time.

For the upcoming December auction, 1,215 Austin-area properties have foreclosure postings, the 11th month in a row that monthly posting activity has topped 1,000, Roddy said.

In Travis County, foreclosure postings topped 7,000 for the year, a 58 percent increase compared with last year. For the fourth quarter, Travis County saw a 56 percent increase in postings, from 1,321 last year to 2,055 this yer.

Williamson County foreclosure postings this year also rose, to 4,500, a 61 percent increase from the 2,800 postings last year. In the fourth quarter, the county had about 1,400 postings, up 72 percent compared with the same quarter last year.

And its happening all over the state, especially in DFW and Houston....

Area foreclosure postings hit record high - Austin Business Journal:

Sounds like either the homes in Texas were more overvalued than we thought, or the foreclosures are job-loss related...Considering that Texas'
Unemployment Rate is skirting 8% now, I'd lean toward the latter...

[AustinGuy]

I wonder why this isn't impacting housing prices here more than it has? The last real estate downturn in Austin in 2001-2003 seemed to impact prices and sales activity (especially in Northwest/North Austin) more than this one has so far.

[Austin97]

Originally Posted by inthecut

A report was just out that said that we are well on mark to have a record number of foreclosures in Austin in 2009...

Per the article:

"This is the highest that I have seen since Foreclosure Listing Service began tracking foreclosure activity here in 2001, and it very well could be the highest ever,” said George Roddy Sr., president of Foreclosure Listing Service.
The 14,000 postings represented a 57 percent increase compared with last year’s 9,000 postings, which was a record at the time.

For the upcoming December auction, 1,215 Austin-area properties have foreclosure postings, the 11th month in a row that monthly posting activity has topped 1,000, Roddy said.

In Travis County, foreclosure postings topped 7,000 for the year, a 58 percent increase compared with last year. For the fourth quarter, Travis County saw a 56 percent increase in postings, from 1,321 last year to 2,055 this yer.

Williamson County foreclosure postings this year also rose, to 4,500, a 61 percent increase from the 2,800 postings last year. In the fourth quarter, the county had about 1,400 postings, up 72 percent compared with the same quarter last year.

And its happening all over the state, especially in DFW and Houston....

Area foreclosure postings hit record high - Austin Business Journal:

Sounds like either the homes in Texas were more overvalued than we thought, or the foreclosures are job-loss related...Considering that Texas'
Unemployment Rate is skirting 8% now, I'd lean toward the latter...

Try to think about why this stat is not really a good stat for determining whether this is a big deal or not.

Hint: Why is titanic not the most popular movie ever even though it made the most money ever. It may even have had the most people ever see a movie.

[tfresca]

I think it hasn't hurt housing prices because the First time home buyer's credit is fueling middle class housing purchases. It's inflating mid price housing prices and keeping the whole market up. Also I think a lot of the foreclosures are high priced houses. You lose your job and it doesn't matter how big or small your mortgage is you ain't payin it. It's kinda a shame because responsible working people could have snagged some deals.

[Mike78613]

Great facts!

I wonder what the Austin realtors say when the out of State folks come here to buy a home?

I can guess: "Oh, Austin is doing wonderful in these hard economic times and we're not affected by all of it."

I know this b/c we are looking at homes and these new house / home builders and realtors say's silly comments between the huge gap between their teeth.


All I have to say is research all, research!!

[inthecut]

Originally Posted by tfresca

I think it hasn't hurt housing prices because the First time home buyer's credit is fueling middle class housing purchases. It's inflating mid price housing prices and keeping the whole market up. Also I think a lot of the foreclosures are high priced houses. You lose your job and it doesn't matter how big or small your mortgage is you ain't payin it. It's kinda a shame because responsible working people could have snagged some deals.

Well, keep in mind I'm not an agent, but this is really a killer time to purchase a home just about anywhere in the USA, especially in the sunbelt.....I have a condo in Ft. Myers I paid 75K for when canal homes were going for 200K, and now the homes are worth 100K or less, and the condo worth about the same, maybe a tad more.....and now I can "trade" it in for a house with room for a boat in the backyard, and I may do that this summer....

AND, the rates may shoot up a bunch in 2011, so I would say this 2010 year would be the last and best window per snagging something with great financing AND price....a buyers dream, really...

[jobert]

Here is a report that gives insight to historic trends in housing and demographics from Texas A&M:

http://recenter.tamu.edu/mreports/austinrrock.pdf

ITC, I thought you'd appreciate it especially.