Central Texas foreclosures fall 8% for the year

In a recent article I read in the Austin American Statesman, Addison based Foreclosure Listing Service Inc. reported that foreclosure postings fell 8% for the Central Texas area, the only major metropolitan area in the state to have a decline. Broken down into counties, Travis county reported a 6% decrease in foreclosures compared to this time last year, Hays County reported a 10% decrease and Williamson County had the most drastic decline with 11%.

Though we’re not completely out of the clear, if jobs continue to be in demand and the economy continues to strengthen, property values will continue to increase and homeowners will be given more options such as refinancing or selling their property before potentially falling into the red.

In other parts of the state, foreclosures are on the rise. In the Dallas/Ft Worth area, foreclosures are up 16% for the year. Bexar County, which includes San Antonio, is up 4%.

Factors attributing to the rise in numbers include lenient lending practices that have made it easier for homebuyers to qualify for mortgages they can’t necessarily afford, as well as rising monthly payments on adjustable rate mortgages and interest-only loans, according to George Roddy, president of the service that tracks the numbers.

 If you are in danger of having a delinquent mortgage, contact your lender. They may present you with multiple options that will help you get back on your feet.