The city of Austin, Texas recorded higher foreclosure numbers in March 2010. The upward trend of foreclosure in the area is expected to continue for the rest of the year, as Lis Pendens and foreclosure filing numbers also continue to rise.
Based on the latest figures, people involved in Austin foreclosure investing will have more properties to choose from, as more than one thousand dwellings were included in foreclosure listings or foreclosure filings. The current figure is more than ten percent higher than numbers recorded in February of this year.
The 1,114 homes listed in foreclosure or are involved in foreclosure filings do not yet include the 8,000 homes available as house foreclosures for sale. The for-sale dwellings are available as short sales, advertised resale homes or scheduled for foreclosure auctions.
The big number of properties for sale has created a considerable market of cheap houses in Texas. However, market analysts believe that not a lot of investors will likely buy into them as most potential buyers will not be attracted by the condition of the city’s housing market.
The high foreclosure numbers in March is expected to continue for the rest of 2010 as the number of Lis Pendens is also at an all time high. Also, a big number of homeowners are already facing foreclosures and will likely lose their houses within the year, analysts have speculated. Houses in pre foreclosure status reportedly numbered more than 1,400 during March.
Based on a 10-month period study, the city has had a total of four months wherein foreclosure notices went over the 1,400 mark. Real estate experts have stated that Austin is one of the U.S. cities where loan modifications and foreclosure mitigation programs have failed to work.
Austin is not the only city in the state of Texas that recorded higher foreclosure numbers in March. State-wide statistics showed that Houston, San Antonio, Fort Worth, Dallas and Crystal City are facing the same foreclosure problems as Austin.
The high number of pre foreclosures, Lis Pendens and homeowners who have defaulted on scheduled mortgage payments in Austin had convinced market analysts that the foreclosure trouble of the city will continue on for the rest of 2010.
John Cutts has been educated in the finer points of the foreclosure market over 5 years.
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