486 homes have been posted for foreclosure at the April 3rd Travis County auction, down 35% from last April’s 742 postings. The number of FHA foreclosure postings increased, however, from 126 to 129 (2.4%). The percentage of new mortgages that are FHA has increased from around 3% six or seven years ago to almost 40% today. Therefore, it is no surprise that while the number of foreclosures are dropping, a higher percentage of them are FHA and that the absolute number of FHA-backed foreclosures are increasing. As for conventional mortgages, the number of postings dropped from 521 in April 2011 to 320 for April 2012. The remainder of the foreclosure postings are for home equity loans, VA loans, and HOAs.
Click here to search foreclosure listings in the Austin area. If you are ready to start looking for a house in the Austin area (foreclosure or not), contact me at 512-650-7300, by email, or the form below.