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Austin is one of the few metros that have seen a slight change in Bank foreclosures as the rate dipped in 2007. The auction for homes in foreclosure in September of last year saw 574 homes, which is 21% less than what the rate was in September 2006. By the end of the first two quarters the total number of homes filed for foreclosure had dipped considerably as compared to the number of Texas bank foreclosure homes the year before.
By the end of August 2007 there were 4,971 filings for Austin bank foreclosures, which was less than the 5,707 homes in August of 2006. In fact, the market in Austin was considered better in terms of Texas foreclosure homes as against other markets in the state of Texas. For example the foreclosure market went up by 12% in Dallas-Fort Worth and by 5% in San Antonio. One of the major markets in Austin that has been hit hard is Travis County. The county reported almost 2,627 filings by mid-2007 taking its rate up by 112% as compared to the rate in 2001. The good news is that by the end of 2007, the foreclosure rate in the county dropped by 5% as compared to Bastrop County where it dropped by only 1%.
So homeowners in the metro feel that maybe with 2008, they might see a lot less Austin foreclosure homes and don’t have to necessarily live this nightmare. With a fall in the rates in the rate in Austin, homeowners in the other metros and counties in Texas feel that they might also might get some relief from the over-burdening financial situation in 2008.
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