Real Estate Pro Articles

Listing of Foreclosed Homes Record High in McLennan, Texas

[Valid RSS feed]  Category Rss Feed -
By : John Cutts    99 or more times read
The listing of foreclosed homes grew this year in McLennan County, Texas, based on data from a real estate company that tracks foreclosures and auctions in Texas.

According to the monitoring firm, the total number of residential properties listed for foreclosure auctions this year has reached 1,387, surpassing the total of 1,110 reached last year.

The total foreclosure data for 2009 has already been estimated as the firm has already counted the number of properties to be auctioned off on December 1, which is the last court-administered foreclosure auction in McLennan County for this year.

The total foreclosure postings this year in McLennan is the highest since 2003, the year the firm started tracking foreclosure auctions in the county.

However, postings for the December 1 auction dropped to 105, down by 24 percent from the 139 properties listed for the November auction.

According to the head of the research firm, foreclosures in the county dropped compared to the previous month because most of the bad mortgages have already been taken out, but foreclosures are still to be expected as the unemployment continues to force homeowners into default and ultimately into listing of foreclosed homes.

To help McLennan residents avoid foreclosure, the Waco unit of NeighborWorks has been providing counseling to delinquent borrowers.

Chad Klawetter, spokesperson for the Waco branch, said that the office is overwhelmed because more and more families are asking for help. He added that most of the families did not get risky mortgage loans such as option adjustable mortgage loans; most of them lost their jobs, had reduced working hours or had serious illnesses and had used up all their savings.

Klawetter also said that NeighborWorks has been conducting sessions to warn homeowners about foreclosure prevention scams. In the past, scams happened only in hot spots such as Florida and California, now, according to Klawetter, scams are growing in communities such as McLennan.

According to a nationwide report on foreclosures, the overall number of foreclosure filings nationwide dropped for the third consecutive month in October, as lenders stepped up efforts to lower monthly payments under the Home Affordable Modification Program.

But the number of foreclosure postings in October still surpassed the number of filings in October last year by 19 percent. Over 332,000 residential units throughout the U.S. were put into the foreclosure process in October, with more than 77,000 already in listing of foreclosed homes.
John Cutts has been educated in the finer points of the foreclosure market over 5 years.

Related Articles

Print This Article
Add To Favorites




© All rights reserved to Real Estate Pro Articles