The number of foreclosures in September in Austin dropped 16% from the previous month and 2% from September 2009. While current headlines continue to talk about the freeze in foreclosures by some of the nations largest banks, these stats cover a time period before the most recent foreclosure issues came to light.
The numbers, provided by RealtyTrac, Inc., show that 1 in every 641 homes in Austin were foreclosed or in danger of foreclosure in September, which equates to 1,026 homes. The improvement over the previous month and the same month last year are good news in a mostly negative national environment. In fact, by way of comparison, Austin did better than the U.S. overall, where 1 in every 371 homes were included.
Nationwide, the number of foreclosures rose in September by 2.5% over August and 1.0% over September 2009. So, while the nation saw an uptick in foreclosure activity in September, Austin experienced less. Yet another sign that Austin is fairing better than most in these turbulent economic times.
It remains to be seen how the current foreclosure issue will impact procedings, sales, and transfers of foreclosed properties.