March has1,038 properties posted for foreclosure indicating an increase of 26% from March 2009's postings. In the 1st Quarter 2010, 3,958 foreclosures have been posted, which is 36% higher than the same quarter last year. However, in last month's foreclosure press release, majority of the postings are repeat foreclosures from 2009, so the percentage increase is an overstatement of the actual situation in Austin. In addition, when comparing the amount of foreclosures to the total volume of homes in Austin, the increase in foreclosures is relatively insignificant as there are too few foreclosures occurring for prices to be affected at the masses. Residential real estate appraisers have reported that you'll find certain neighborhoods, usually first-time and low-income home-buyers, that you can find some modest decrease in price (up to 10%), but for the most part, home sale prices have remained relatively stable during the recession when compared to the nation.
At the end of 2009, the Austin MSA had an total household count of approximately 614,640. If you annualized the first quarter's postings and divide it by the total number of households, you'll see that the annual foreclosure rate is about 2.5% (rounded down since household counts have gone up slightly in the first quarter). While some my consider this extreme, it is far lower than most metros have indicated. Below is a breakdown for the March 2 auction followed by the realized percentage increase from March 2009:
Travis County: 667 postings; 23%
Williamson Count: 403 postings; 23%
Hays: 151 postings, 51%
Bastrop: 78 postings, 30%
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