I was just reviewing the foreclosure postings for the December 6th foreclosure auction in Travis County. There are 606 properties posted for foreclosure which is a drop of 29% from the 850 posted last December. It is an increase of 25% from last month. Usually 25% to 30% of the properties posted are actually foreclosed upon so I’d expect somewhere in the area of 150 to 180 foreclosures. Of those, maybe around 20 will be sold to third party investors while the remainder will go back to the banks who hold the mortgage.
I came across an interesting notice as there is a block of 17 lots in Villa Montana being foreclosed upon. The value of the lots assigned by Travis Central Appraisal District is almost $3.7 million. I tried to contact the trustee to get more information, but he wouldn’t share any more information beyond the basics included in the posting. The $4,066,176 mortgage was taken out just over a year ago in September 2010. The properties are owned by Waterford Oasis, LLC. The Villa Montana development is owned by the folks who own the Oasis and I presume this is one of their corporations. While I’m sure this is common in Nevada, California, and Florida, it isn’t everyday we something like this in Austin. There are also three houses that appear to be spec homes slated for foreclosure in Villa Montana.
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