Austin Foreclosures Drop 21% in July

The most recent data for foreclosures in Austin indicated a decrease of 21% from the same month one year ago.  The rate reported by RealtyTrac, Inc. showed 1 in every 730 homes in the Austin area was in danger of foreclosing in July. This also marked a decrease from the results from June 2010 when 1 in every 655 homes were reportedly in danger of foreclosure.  By way of comparison, in Texas the rate was 1 in every 819 homes and nationwide it was 1 in every 397.  Nationwide the rate increased from June but decreased by roughly 10% from one year ago. A total 901 Austin homes foreclosed, defaulted, or were scheduled for auction in July. About 1,000 homes on average have been foreclosed on or in danger of facing such in Austin in the last few months. 

Austin continued to perform better than the nationwide average and continues to rank low in the list of metropolitan areas with the greatest foreclosure rates.  In July, Austin was #126 out of the 203 areas that RealtyTrac tracks. Here’s how Austin has ranked on this metric over the past few months:

July 2010:  #126 out of 203
June 2010: #118
May 2010: #120
Apr 2010:  #115

While the number of foreclosures is still of concern, we are hopeful that July’s decrease signifies a trend towards improvement in our current economic situation. If you have questions about how foreclosures in Austin impact your home’s value, send us an email at info@missionmortgage.com.

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About missionmortgage

A full-service professional mortgage banker providing lending in Texas for over 25 years. Our main office is located at 901 S. Mopac Expwy, Barton Oaks V- Suite 120, Austin, TX 78746 with branches in Lakeway, Houston, and Sealy. Mission Mortgage has been ranked as a Top 10 Mortgage Company in Austin for the past 7 years (Austin Business Journal).
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