Significant Increase in Austin Foreclosures From a Year Ago

by Peter Vernon on cities

Housing market statistics for June 2010 showed Austin foreclosures recording a 98% increase compared with June 2009. One household out of every 655 was under some stage of foreclosure during the month, translating to a significant increase compared with figures of a year ago.

Although the increase seemed to be highly serious, particularly with foreclosed homes in Texas also recording year-by-year increases, market analysts have stated that foreclosure numbers in the city are actually showing a positive picture when monthly comparisons are used. The June figure represents only a six percent increase when compared with May 2010.

Real estate experts have already predicted earlier that commercial foreclosures and repossessed houses for sale will start appearing in the market starting late 2009 until 2010, so the current figure is not surprising.

Also, they have emphasized the importance of looking at monthly housing statistics rather than yearly figures since the former is supposed to present a more accurate representation of the real condition of foreclosure real estate listings.

Housing statistics for June 2010 recorded a total of 1,004 Austin foreclosures covering all stages, including those that have received initial default notice and those properties that are already scheduled to be sold off. Despite the high percentage of increase when compared with last year's figures, Austin still ranked low among all U.S. metro cities in terms of number of foreclosures for June.

Austin came in at 118 among metros for June 2010, a slight jump from 120 in May, but an improvement from its April ranking of 115. In terms of statewide statistics, Texas had one household out of every 788 that received a filing for June 2010. This ratio is better than Austin's local housing performance and also better than most big states.

Compared with nationwide statistics, both Austin and the whole Texas state have some work to do to catch up. Overall foreclosures for June 2010 in the U.S. totaled 313,841, representing a seven percent decline compared with a year ago and a three percent decline from May 2010. June makes it 16 consecutive months when filings reached a total number of over 300,000. For both national and Austin foreclosures statistics, analysts believe that further improvements will happen in the second half.

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