Austin foreclosures are on the decline this past month, dropping from 1,127 foreclosed homes in March 2010 to 1,109 Austin homes in April 2010, a 1.6% decrease, according to reports by RealtyTrac Inc. However, compared to this time last year, in April 2009, Austin-area foreclosures were 45% below the number of foreclosures on the market today. Experts on the real estate market emphasize that comparing year-to-year foreclosure figures does not indicate the stability of the market as well as month-to-month figures do, hence, the drop in Austin foreclosures in April by 1.6% is a good indicator that Austin’s economy is stabilizing.
Compared to other US metros, Austin’s foreclosure rate ranks well holding position 115 out of 203 metros with the highest foreclosure rates. Texas also fairs well at evading high foreclosure rates with 1 in 731 Texas homes filing for foreclosure versus 1 in 387 US foreclosed homes.
The good news is that April was the first month to see a decrease in foreclosures in the Austin real estate market as well as a national decrease in the US housing market. Less foreclosures means higher property value, so this comes as good news to Austin homeowners and all homeowners nationwide.
Continue reading about Austin’s year-over-year foreclosure rate increase and month-to-month foreclosure rate deacrease here.