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Austin Commercial and Repossessed Home Listings Opposite Direction

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By : John Cutts    99 or more times read
Several counties in Austin, Texas are suffering from increasing number of commercial foreclosures while residential foreclosure and repossessed home listings decline. The counties of Williamson, Bastrop, Travis and Hays all parts of the Austin Metropolis have higher commercial foreclosures compared with the previous year as reported by the Foreclosure Listing Service (FLS) of Addison.

Among the four counties, Hays has a better condition in terms of commercial foreclosures compared with the others. The news that the number of Austin bank owned homes has declined has been welcomed by residents, but the 16% rise in commercial listings in the whole Metro Austin region dampens any hope that the real estate market is on the rebound.

Statistics on bank owned properties in Texas held steady, while Hays County recorded a 31% rise in commercial listings during the first half of the current year when compared with the same period of 2009. In Bastrop, commercial listings recorded a 200% rise, while Williams recorded a 57% increase. Travis performed better, recording a 3% increase in commercial property listings.

As repossessed home listings continue to decline, commercial listings continue to climb, with majority of the increase attributed to undeveloped land. According to FLS, developers and land speculators are getting hit by the recession. The economic downturn is draining finances for development or making them too expensive, preventing developers from completing projects. FLS also revealed that land developers are facing huge amounts of debt service that drain their budgets.

Despite the decline in home foreclosure listings, the Austin area still ranked high among cities in the U.S. with the biggest number of foreclosures activities, primarily because of its commercial properties. For the Metro Austin area, retail properties and office buildings accounted for the highest percentage of commercial foreclosures.

The first half of 2010 showed 16 foreclosure filings for office buildings, compared with just six during the first half of 2009. One third of the office building postings were of prominent and large office structures, according to FLS.

Although repossessed home listings in Austin declined in numbers, the area remains one of the top cities nationwide in terms of foreclosure activities, mainly because of the high number of commercial property filings during the first half of the current year.

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