The number of homes being added to foreclosure listings in Texas is still increasing despite relief efforts by the Obama administration. According to Texas company Foreclosure Listing Service Inc., 18 of the 19 large counties being monitored increased in foreclosures listed for the April auction, in comparison to the number of properties in foreclosure listings for auctions in April 2008.
In Bexar County, 1,414 foreclosure filings were posted for the April auction. This marked a 65 percent rise from the 859 properties added to foreclosure listings in April 2008.
In the Dallas-Fort Worth area, the number of homes added to foreclosure listings increased by 27 percent, compared to the April 2008 figures. In Austin, the number increased by a staggering 75 percent, compared to properties in foreclosure listings in April 2008.
George Roddy Sr., head of Foreclosure Listing, said the Obama administration’s foreclosure prevention program has not yet shown its effect in the 19 tracked Texas metropolitan areas.
Among the 19 counties monitored by FLS for their April 2008 and April 2009 foreclosures, Williamson County had the highest increase in number of properties added to foreclosure listings. The county, part of Austin’s Metropolitan Statistical Area, increased in number of foreclosure properties by an overwhelming 99 percent, in comparison to the 171 homes added to foreclosure listings in April 2008.
The second and third counties with the highest increase in number of homes added to foreclosure listings were Guadalupe and Comal, respectively. In Guadalupe, the 34 postings in April 2008 increased to 65 units added to foreclosure listings in April 2009. Comal increased by 79 percent in foreclosures, from 29 postings in April 2008 to 52 homes in April 2009.
The only bright point in the foreclosure study is the lack of increase in the county of Kaufman, located in North Texas. The foreclosure number of 122 units in Kaufman stayed the same in April 2008 and in April 2009.
In addition to the foreclosure prevention program for residential properties, the Obama administration also launched its foreclosure relief program for distressed commercial real estate properties. The commercial property program will buy $1 trillion mortgage-backed securities and other bad debts from mortgage lenders to help these financial corporations clear their books. The relief program for homeowners is also expected to help these mortgage lenders, as federal assistance will enable lenders to cover their losses from loan modifications and loan refinancings.
Author Resource:-
John Cutts has been educated in the finer points of the foreclosures market over 5 years. Read articles about foreclosures information at ForeclosureDeals.com - Your online source for foreclosed homes.
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