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Market News and Trends

RealtyTrac Foreclosure Trends — slow in Texas and Austin


Texas generally, and Central Texas specifically, experienced the real estate downturn very differently than many other parts of the country.  I have commented on that many times in the past, but a striking comparison appears in the latest Foreclosure Market Trends newsletter from RealtyTrac.

The lead article this month covers 20 Metros with More Foreclosures For Sale in 2013.  One chart there ranks 20 cities that experienced at least 2,000 foreclosures in 2012.  Another ranks 20 cities where foreclosure listings are expected to increase by at least 20% in 2013.

To contrast the Austin/Central Texas experience with those in the RealtyTrac report, consider Panama City, Florida.  Like most of the cities on the list of twenty most likely to see an increase in foreclosure activity this year, Panama City has already seen much of the worst of the housing downturn.  This city of 36,686 people and 15,399 households (2011 census) ranks 5th, with an expected increase of 38% in 2013 compared to 2012.  From January through November 2012, a total of 1,303 foreclosures were started.  723 were completed.  Completed foreclosures amounted to 4.7% of all households — almost 1 out of 20.

The Austin metropolitan area, on the other hand, using the same 2011 U.S. census data, reported a total population of 1,783,519.  That translates to about 674,000 households.  In all of 2012 there were 2,588 sales of foreclosed residential properties — 0.3% of all households, or about 1 out of 260.  The rate of foreclosure in Panama City last year was almost 16 times the rate in Austin!

Obviously, for the families involved, foreclosure is a very painful event, but from a metropolitan statistical perspective, these distressed properties exert only negligible pressure on sales and general price levels.

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About Bill Morris, Realtor

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.

Discussion

2 thoughts on “RealtyTrac Foreclosure Trends — slow in Texas and Austin

  1. Pretty much a non event in Texas. Not saying that it is all good, some submarkets are still challenged. But for those who think that they can pick up foreclosures here as they can in the followi9ng states.

    Georgia: 43 percent of all residential sales
    Nevada: 43 percent
    California: 40 percent
    Michigan: 35 percent
    Arizona: 33 percent
    Illinois: 27 percent
    New Hampshire: 24 percent
    Colorado: 22 percent
    Wisconsin: 22 percent
    Minnesota: 22 percent
    Oregon: 21 percent
    Florida: 21 percent

    Over 55% of all foreclosures are in 32 counties

    Keep producing great info.

    MS

    [cid:image002.png@01CCC6D9.EE1C80B0]
    Office: 512/454-4500 ∙ Mobile: 512/563-4764 ∙ Fax: 512/454-4559
    Mark Sprague, State Director of Information Capital for Independence Title, is a respected analyst of the real estate and financial industries, and the Austin market in particular. For specific questions about market issues, contact Mark at msprague@independencetitle.com
    CONFIDENTIALITY NOTICE: This email transmission is covered by the Electronic Communications Privacy Act, 18 U.S.C. 2510 et seq., and the information contained in this message and documents accompanying same are legally privileged and confidential information intended only for the use of the individual or entity named above. If the reader of this message is not the intended recipient, you are hereby notified that any dissemination, distribution or copy of this message is strictly prohibited. If you received this message in error, please immediately notify us by telephone and purge all copies of this message from your system. Thank you.

    Posted by Mark Sprague | April 1, 2013, 10:01 AM

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  1. Pingback: More on foreclosure activity | Bill Morris on Austin Real Estate - April 2, 2013

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