Foreclosure listings for residential properties in Central Texas were down nearly 12 percent for the year to date, according to new figures done by Addison-based company Foreclosure Listing Service Inc.
The report showed that from January through July of this year, there were 11.9 percent fewer foreclosure postings. This year there were 6,549 residential foreclosure postings, down from the 7,443 postings during the same period of time last year. These figures included Travis, Williamson, Hays, and Bastrop counties.
Despite the number of foreclosures lowering over the year, they were actually up 14.5 percent for the month of July when compared to the same month last year. The report showed that there were 981 properties posted for foreclosure on this year’s July auction, up from 2011’s 857 postings in last July’s auction.
George Roddy Sr., president of Foreclosure Listing Service, said, “We expect by that time that most of the properties that would be considered as part of the ‘shadow inventory’ (of mortgages in default) would be foreclosed and put back into the market. The Austin real estate market can well handle the current level of foreclosures,” Roddy said, “due to the fact that sales of single-family homes are at positive levels and the inventory of single-family homes for sale are at some of the lowest level in years.”
In the year to date reporting, drops were noted in Travis by 17.3 percent, Bastrop by 16.8 percent, and Williamson by 8 percent. Hays county saw a 6.5 percent rise.
To read the original article by the Austin-American Statesman, please click here.