Bill Morris: Texas Foreclosures Declining

Texas Foreclosures Declining

Posted earlier today on www.AustinMarketInfo.com

"California, Florida, Illinois and Michigan accounted for 52 percent of the nation's total foreclosure activity during the month."  More:  http://austin.bizjournals.com/austin/stories/2009/11/09/daily25.html

Almost everywhere, including Austin/Central Texas, foreclosure postings are up compared to same time last year, but month-to-month numbers are heading the right direction.  Mortgage loan restructuring is still moving much slower than the bailout process anticipated, but many lenders are more reluctant to foreclose.  Even if it means a little more patience with slow-pay borrowers, delaying foreclosure avoids substantial legal costs, slow moving listings and accompanying carrying costs, etc.

If you're in trouble with your mortage obligations, don't just wait for the "final notice."  Talk to your lender, explain your genuine hardship, try to work it out.  You just might be surprised, especially if you're in one of the most distressed markets.  Austin is not on that list, but it's always better to try than to just hunker down and let foreclosure happen

Bill F. Morris, ABR, CRS, CDPE, e-PRO, MBA
RE/MAX Capital City
Call or Text:       512-785-3345
Toll-Free:           1-800-692-8784, x 162
Email:                 
bmorris@remax.net
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Comment balloon 2 commentsBill Morris • November 13 2009 09:03PM

Comments

So you're saying foreclosures are up from last year, but slowing? 

I hope for the right reasons.  Forestalling foreclosures with increased market pressures on owners may just be building the snowball bigger.

Posted by Mick Michaud, Your Texas Lifestyle is Here! (Distinctly Texas Lifestyle Properties, LLC Office:682/498-3107) almost 10 years ago

Mike, you're right.  We all saw the effects of the foreclosure moratorium earlier this year, and the wave of foreclosures that followed.  Austin felt some of that, but we have actually maintained healthy market condtions through most of the downturn.  There was another article in this morning's newspaper about how much foreclosures have increased year over year, but it also noted that much of the increase is repeat postings.  That percentage will be available in a few more days.

At this point we have about 5 months' inventory overall with a median price at, or slightly above, where it was two years ago.  Things are still moving pretty well here.

Posted by Bill Morris, ABR, CRS, CDPE, ePRO, MBA (RE/MAX Capital City) almost 10 years ago

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