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Market News and Trends

Comparison: Foreclosure sales in Austin vs. U.S.


I just posted an article at AustinMarketInfo.com discussing a dramatic decrease in foreclosure sales in Austin:

Austin foreclosure sales down 37% in 3Q

That 37% drop is from 3Q ’09 to 3Q ’10.  Foreclosure sales fell 35% from 2nd quarter 2010 to 3rd quarter 2010.  Undoubtedly there is some bias in these numbers because the second half of 2009 and the second quarter of 2010 offered homebuyer tax credits.  That said, it’s also important to note that total home sales fell 25% from 3Q ’09 to 3Q ’10 and 30% from 2Q ’10 to 3Q ’10.  Still foreclosure sales dropped faster.

Important point for comparison:  “Foreclosure sales accounted for 9.5 percent of all residential sales in Austin in the third quarter, Irvine, Calif.-based RealtyTrac reported.”

Considering the U.S. foreclosure sales picture, RISMedia includes this article today:

Foreclosure Homes Account for 25 Percent of All Residential Sales in Third Quarter 2010, According to RealtyTrac

 

Yes, that’s a 10% proportion in Austin and 25% nationwide!

But consider these figures — the percentage of home sales that were foreclosures in the third quarter of 2010 in:

Nevada — 54%

Arizona — 47%

California — 40%

Florida — 37%

Massachusetts — 35%

Michigan — 32%

Georgia — 29%

Oregon — 27%

Please don’t misunderstand:  This is very painful for everyone involved in those places and many others.  There is no gloating involved in making this comparison.  The recovery of the entire U.S. economy depends on all of these market areas regaining their health.

Even with our own issues in the Austin/Central Texas real estate market, though, this contrast is really striking.  It also helps to explain why property values have remained relatively healthy here.  The Longhorns aren’t the only reason to be glad to live in Austin!  (Some would say they’re no reason at all this year, but stand by for next season!)

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About BillMorrisRealtor

More than thirty years of business experience (high tech, client service, business organization and start-up, including many years in real estate) tell me that service is the key to success and I look forward to serving you. I represent both buyers and sellers throughout the Austin metropolitan area, which means first-hand market knowledge is brought to bear on serving your needs: -- Seller Representation is a comprehensive process that begins with thorough market analysis and consultation, continues with properly staging the home to achieve the highest price possible in a reasonable time on market, a complete program of marketing and promotion, ongoing updates and communication, closing coordination, and follow-up throughout (and after) the sale. -- Buyer Representation is also full service: shopping, previewing, price and market consultation, contracting, negotiating, coordination of inspections, appraisals, repairs, and closing details, and follow-up beyond the closing of your purchase to ensure your lasting satisfaction. Because the real estate industry is becoming more sophisticated and challenging every day, you need a professional that understands the industry and is positioned to stay ahead of the game. I go the extra mile to help you achieve your goals. That's why I constantly research the market and property values so your home is priced effectively from day one. I also make sure the public knows your home is for sale by using innovative advertising and marketing techniques to attract potential buyers.

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  1. Pingback: Austin foreclosure up, but compared to what? « Bill Morris' Austin Real Estate Blog - January 15, 2011

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