You might think we spend all of our time reading the Austin American Statesman, but their reporters do a great job sifting through market data to to identify trends. In yet another recent article, reporter M.B. Taboada took a local look at the national story of accelerating foreclosure rates. As you may have seen in the news, economic pressures are causing increases in foreclosures, particularly among homeonwers who had utilized subprime lending options. (Typically for buyers with less-than-stellar credit ratings.) According to the article, more than 15-percent of the subprime loans nationwide were delinquent (a month or more overdue for payment) and more than three percent of residential properties are in foreclosure (both all-time highs.)
Fortunately, the picture is much more positive in the Austin area. With home resales continuing last year’s strong pace and sale prices up five-percent (versus drops in markets like Dallas), the delinquency and foreclosure rates are down and falling across the best Austin neighborhoods. According to the article, these factors actually make it more likely for homeowners who do experience financial trouble to sell their properties before they enter foreclosure.
Now, none of us like to think of words like delinquency or foreclosure, but they are a part of life. Fortunately, they’re less prevalent in Austin residential real estate, making it a great idea to look for Austin homes for sale. To make it easy for you, we have a unique search tool on our Web site, www.AustinHomeListings.com, which allows you to pick a neighborhood you’ve heard of and quickly search homes for sale. For example, if you’ve driven by the entrance to Falconhead or Circle C North, you can simply click our Neighborhood Listings Quick Search and find just homes in those neighborhoods. Or, as always, you can all us at 512.300.0928 so we can talk about the right Austin home for you.