Stable Number of Foreclosures Since May for Austin Area
According to RealtyTrac Inc. despite the increase of foreclosures from last year, the numbers has been stabilized from May to June of 2010, with only 1,000 homes foreclosed or about to be foreclosed in Austin.
The report mentions that there was a 98% increase from a year ago, with 1 out of every 655 houses about to be foreclosed. This may seem like a big leap, but compared to May’s numbers, this is only a 6% increase. Experts in the real estate field suggest that month-to-month figures are better determinants of market stability, rather than yearly statistics, and they really only predicted a big downturn starting late last year all the way through 2010.
Austin is still one of the least hit areas of the market downturn, ranking 118 out of the 220 metro areas with the most foreclosures. The firm found 1,004 properties in Austin in foreclosure, default or about to be auctioned. Statewide, Texas ranks among the lowest in terms of foreclosed properties, where only one in 788 homes were filing for default, compared to the national average of one in 411. In the entire country, 313,841 homeowners filed for foreclosure in June, though still a 3% decrease from the previous month. Overall, for the first half of 2010, there were 1,654,634 foreclosures, a 5% decrease from the 2nd half of 2009. The numbers continue to see-saw, as the numbers reflect an increase of 8% from the first half of 2009, showing an average of 1 out of every 78 homes in foreclosure,
RealtyTrac CEO James J. Saccacio said, “The midyear numbers put us on pace to exceed 3 million properties with foreclosure filings by the end of the year, and more than 1 million bank repossessions.”“The roller coaster pattern of foreclosure activity over the past 12 months demonstrates that while the foreclosure problem is being managed on the surface, a massive number of distressed properties and underwater loans continues to sit just below the surface, threatening the fragile stability of the housing market.”
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