May proved to be another great month for Austin real estate. Foreclosures are down 14% — an incredible decrease over last month’s Austin foreclosure rate. According to a new report from RealtyTrac Inc., only 950 Austin homes foreclosed, defaulted or scheduled for aution in May compared to 1,109 homes in April. While this statistic is higher year-over-year, real estate experts assert that comparing foreclosure rate month-to-month is a better indicator of a recovering economy.
Austin also dropped 5 places in RealtyTrac Inc.’s ranking of metros with the highest foreclosure rates. Last month, Austin ranked 115 out of 203 for highest foreclosure rate. This month, Austin ranked 120.
From April to May, numbers show that Texas is still fairing well against the nation’s foreclosure rate. In other words, owning property in Texas is always going to be a great investment.
Read more about Austin’s foreclosure rate in Austin Business Journal’s article here.