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Number of Foreclosed Property Auctions for Sale Surged in Austin

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By : John Cutts    99 or more times read
Total number of foreclosed property auctions for sale in Austin, Texas rose by 27% in August 2010 compared with the same month a year ago. According to the latest housing market statistics, one household out of every 536 in the city has been foreclosed or is facing foreclosure.

The huge jump in the number of Austin bank owned homes came a month after the city recorded a 21% decline in foreclosure rates when July 2010 and July 2009 figures were compared. The August 2010 totals represent a jump of 36% when compared with numbers posted in July 2010.

Austin contributed to the total number of foreclosed homes in Texas by adding 1,226 city residences that are foreclosed, scheduled for foreclosure auction or have default notices. Before August, the city averages 1,000 foreclosed residential properties every month, which means that August posted an almost 300-home increase when compared with previous months.

Despite the increase, Austin's list of foreclosed homes for sale is still relatively better than other metro areas in the U.S. The city ranks 105th among U.S. metros in terms of foreclosure rates which is considered relatively good, although the August ranking is worse than previous rankings since April, when the highest the city has reached was 115th four moths ago.

Statewide, property auctions for sale posted a ratio of one household out of every 672 houses for August. The figure is considerably better than the national average of one household out of every 381 receiving a foreclosure filing or notice. In terms of state rankings, Texas is 25th among all U.S. states in terms of foreclosure rates for August.

In terms of national foreclosure totals, filings for August represent a 4% increase when compared with July 2010, but showed a decrease of 5% when compared with August 2009. Foreclosure filings all over the country totaled 338,836 for August. This makes it the 18th consecutive month that total filings in the U.S. have reached over 300,000.

According to housing market analysts, the rise in foreclosed property auctions for sale is mainly due to record number of bank repossessed properties, which showed that lenders are speedily working through their backlogs that have accumulated since the start of the current year.
John Cutts has been educated in the finer points of the foreclosure market over 5 years.

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