There had been a 23% rise in the number of Austin foreclosed homes for the month of March 2010. According to property market analysts, the rise in the numbers had been due to the continuous rise of delinquent loans in the city.
The development can be considered good news for people who plan on moving to the area as there would be more foreclosed homes for sale in Texas. However, this is not good news for people who are already living in the city.
According to monthly housing reports, the number of foreclosed residential real estate in the city totaled 1,114 as of the last day of March. There are also more than 8,000 houses that are being offered for short sales, resale and foreclosure auctions.
The month in focus also showed that 1,451 notices of foreclosure have been sent to Austin homeowners. This means that the city has had more than 1,400 foreclosure notices sent to borrowers for four months in a 10-month period.
The March 2010 statistics also showed that the rise in the number of Austin foreclosed homes is 118% compared with the same month a year ago and 11 % higher than a month ago (February 2010).
Along with Austin, cities like Fort Worth, Dallas, San Antonio, Crystal City and Houston have also contributed to the jump in the statistics of foreclosed homes for sale in Texas. The only area that produced good results is Hays County which recorded a 19% decline in foreclosure for the period of March 2010.
Real estate analysts have stated that the continuous rise in foreclosure numbers means that the city and the rest of the state is still facing the worst of the foreclosure crisis. Foreclosed homes for sale in Texas are expected to increase further during the summer of the current year.
The prediction was made based on the expectation that the number of homeowners who will default or will become delinquent in their mortgage loan payments will continue to climb in the coming months.
Austin foreclosed homes continue to rise in number due to the escalation of delinquent loans in the area. The city and the rest of Texas are expected to continue recording high foreclosure numbers in the remaining months of 2010.
Find more foreclosure listings in Austin, TX: