Austin TX Real Estate - Hill Country Austin Lakeway Homes for Sale: Foreclosures are HALF in Texas - Compared to National Foreclosure Rates

Foreclosures are HALF in Texas - Compared to National Foreclosure Rates

Texas foreclosures are HALF of the National Average, according to the Houston Business Journal! This is great news for Texas, and Austin being such a go-to place for relocation.

Avoid Foreclosure sign Austin txAccording to numbers released by RealtyTrac last week, with the National Average of foreclosures at 24%, Texas saw a rate of a mere 11.9% in the second quarter.  What's better news is this number isn't about actual foreclosures. This number is based off a transaction in some form of foreclosure process, meaning a pre-foreclosure where the bank hasn't actually taken control yet.

Reading between those lines, I would stipulate that well under 10% of real estate transactions in Texas are actually in a full foreclosure state.  This goes along with the numbers I was talking about in my Austin TX foreclosure breakdown a couple of weeks ago.

I don't agree with the report saying the homes have been bought at a 25.6% discount just because they average a sales price of $142,069. The average is low because, as I showed in my previous report, most of the foreclosures are in the lower price range.  Why they like to jump to unrealistic conclusions and give a 25% discount to those listings is beyond me... but anyone can manipulate numbers to look how they want them to look, and RealtyTrac likes letting people know you can get a big discount when you buy foreclosures, which is just not true in the Austin or most of the Texas markets across the state.

Either way, We're going strong, and foreclosures are down!!

**Are You Packed Yet?** 

donna harris Realtor Austin TX blog

Donna Harris, REALTOR®
RE/MAX Austin Skyline
www.DonnaHomes.coma
Donna@DonnaHomes.com

Austin TX Real Estate and the surrounding areas of Lakeway, Bee Cave, West Lake Hills, Cedar Park, Round Rock, Spicewood, Circle-C, Steiner Ranch, and everywhere in between... Hill Country Austin TX Real Estate and beyond. Whether you're buying or selling an Austin home, I'll be with you every step of the way. 

For real time Austin TX listings, click here.

** #1 Agent in my Office for all of 2008 **

Copyright© 2010 By Donna Harris, All Rights Reserved. You may re-blog with links back to this post.
* Real Estate - Austin TX Homes for Sale are Selling Strong * was first published on donnahomesblog.com

Comment balloon 7 commentsDonna Harris • October 04 2010 11:35AM

Comments

Donna,

           Thanks for pointing out that you can manipulate the numbers. I definetly agree with you the discount rate is not as high as the report states. People still seem to think you can buy a 500,000 house move -in ready for 200K. I think how silly. Thanks for the info.

Posted by Yolanda Cordova-Gilbert almost 8 years ago

So Right Donna.  Our market is a big sluggish but not enough to solicit rock bottom offers.  A good home still demands a good price.  In Lubbock we have less than 1% of homes going through foreclosure or short sales.

Posted by Elizabeth Arduain, Lubbock Texas Real Estate (The Diamond Group @ Keller Williams) almost 8 years ago

Donna. Great post. To what do you attribute the low foreclosure rate in Texas?

Posted by Reginald D. Reglus (Keller Williams Real Estate) almost 8 years ago

Donna, from a state (Texas) along with Utah who USED to lead the country in foreclosures we are doing much better now. Still too high in terms of sheer numbers though. The TRUTH is we had our foreclosure BOOM a view years ago. We NEVER coincide with the national trends and are most often backwards of them. Nevada, Florida and Michigan have SOARED in foreclosures. Texas STILL struggles with distressed properties though, make no mistake about that. Just varies from city to city. Real estate is local.

Posted by Gary Woltal, Assoc. Broker Realtor SFR Dallas Ft. Worth (Keller Williams Realty) almost 8 years ago

Donna...another great post.  Keep them coming.  This is really important information.

Posted by Bob McCranie, Your best advocate when buying or selling your hom (Broker/Owner - Texas Pride Realty) almost 8 years ago

The press is constantly publishing misleading misinterpretations of sale data.  Give a reporter a by-line and a source and suddenly s/he is an expert.

Posted by Jim Hale, Eugene Oregon's Best Home Search Website (ACTIONAGENTS.NET) almost 8 years ago

To be fair, when most of the rest of the country was having a "boom" most of Texas got missed. So one could conclude that there were fewer bad loans, and now Texas's job market is great, thanks to high oil prices, so lots more folks have jobs. Midland is booming right now, as an example.

Posted by Jon Quist, Tucson's BUYERS ONLY Realtor since 1996 (REALTY EXECUTIVES TUCSON ELITE) almost 8 years ago

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