The Latest Foreclosure Report for Austin, Texas

What Does the Latest Foreclosure Report for Austin, Texas Tell Us About the Real Estate Market?

Latest foreclosure report for Austin

Latest foreclosure report for Austin

(September 28, 2011) There is good news bad news for the Austin real estate market.

First, the good news:  the latest foreclosure report from the Foreclosure Listing Service Inc shows that foreclosure notices for this month are down 18.5% from October 2010.

In Texas, foreclosure auctions occur on the first Tuesday of every month.  Last October, 1,256 notices were filed for the Travis, Williamson, Hays and Bastrop counties.  This October, only 1,024 are being filed.  This month also marks the 6th consecutive month that foreclosure filings have been under 1,200.

On a year-to-date basis, 11,823 properties have been posted for foreclosure in the four-county Austin region, 8.2 percent fewer than the 12,885 properties posted during the same period last year.  Year-to-date postings were down 11.3 percent for Travis County, with drops of 0.7 percent in Hays County and about 6 percent in both Williamson and Bastrop counties.

Latest Foreclosure Report for Austin| Has the Housing Market Corrected?

Does the latest foreclosure report for Austin mean that the housing market has corrected?  Well, therein lies the bad news.

“The backlog of foreclosures continues to be abnormally high due primarily to banks looking for lower-cost alternatives to foreclosure.  There is starting to be light at the end of the tunnel here in Austin because of our stronger than average job growth, but we will still continue to see a large number of foreclosures coming posted for auction each month,” said Peter Sajovich,  president and CEO of eCounty Inc., an Austin-based real estate investment and development company that specializes in buying foreclosure properties for investors.  Although the actual foreclosure numbers are down, “they are still at historical highs and will continue throughout the remainder of 2011 and well into 2012.” http://www.statesman.com/business/real-estate/austin-area-foreclosures-drop-18-5-percent-from-1869703.html

The good news from the latest foreclosure report for Austin is that we’re not as bad as we were last year, however, our foreclosure numbers are still higher than they should be and will remain elevated for the foreseeable future.

Latest Foreclosure Report for Austin| Alternatives for Foreclosure

While Austin’s unemployment numbers and foreclosure filings may not be as bad as other cities and other state’s, we are still finding people who cannot afford to make their house payments or who cannot sell because they have little, no, and even negative equity in their homes.  Sadly, many good people in these tough situations decide to walk away from their homes and let them go to auction.  Foreclosure is perhaps the worst option a homeowner can choose.

A foreclosure can result in the following for the homeowner:

  • Deficiency judgement– bank sues you for the difference of the amount the house sold for at auction and the amount owed.  For example, if you owed $120,000 and you house sold for $100,000 via auction, then the bank may sue you for the deficiency of $20,000.  Not only do you not have a home, but you have a judgement from the bank.
  • 1099– if, as in the scenario above, you have a deficiency of $20,000, then the IRS may consider this $20,000 as income.  Their logic is that if you didn’t pay it as an expense, then it is income, and you may be taxed accordingly.
  • Drop in credit score– while there is no set standard for foreclosures, most likely a foreclosure will drop your credit score anywhere from 80-200 points.  It’s not an exact science but the higher your starting credit score, the more it will drop.  A foreclosure on your credit report will greatly delay your ability to improve your score for the next 7-10 year.

If you are a homeowner and you find yourself in this situation, you may still be able to prevent yourself from joining the latest foreclosure report for Austin.  If you are behind on payments and even if you owe more than your house is worth, we can help you.  If you’re current but you can’t afford to come out of pocket to pay closing costs, we have solutions for you.  Hippie Hollow Homes has participated in over 1,200 successful real estate transaction since 2003; there’s very little we haven’t experienced in the real estate market.

But we can’t keep you off the latest foreclosure report for Austin if you don’t give us a call: 512-473-6633.

If you liked ‘The Latest Foreclosure Report for Austin, Texas’, then you may enjoy other articles written by Shenoah Grove of Hippie Hollow Homes.

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