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The statistics on Austin Foreclosures for the first quarter of 2011 continued to defy and puzzle land pros who were forecasting a decrease. The foreclosure rate rose 7.5 percent which represents one in every 214 homes or a total of 3,218. The information includes homes that entered the foreclosure process or that were scheduled for public auction.

The decrease had been predicted by a number of analysts including RealtyTrac Inc., an Irvine, California based private marketer of foreclosure properties. The news is not all bad, even so, since in March 2011 Austin Foreclosures declined 33.54 percent from the same month in 2010 and February numbers declined 36 percent from February 2010. The number of homes that entered the foreclosure process in March 2011 was 749, which indicates that most of other 3,128 foreclsoures occurred in January and February 2011.

The third quarter 2010 figures indicate Austin Foreclosures marked a 0.21 percent increase from the second quarter and a seven percent increase when compared to the third quarter 2009. RealtyTrac reported that 2,815 Austin homes entered the foreclosure process in the third quarter 2010 which is 400 homes less than in the first quarter of 2011. Total foreclosure filings in 2010 totaled 9,829, a 23 percent increase from 2009, a 70 percent rise from 2009 and a 90 percent jump from 2007. The Austin Business Journal calls 2010 the record year for filings. Some realty analysts are not convinced that 2010 will be the record, but they are in the minority.

Viewing the Austin picture as it refers to other places is necessary to estbalishing it’s position in accordance with other markets. Austin compares favorably to urban centers such as Las Vegas which ranks first in foreclosures pursued by Modesto, Calfornia and Stockton, California . Austin ranks 85 out of 211 cities for foreclosures according to RealtyTrac.

There is a bright outlook for Austin founded on an investigation by Forbes.com which claims Austin is leading U. S. urban centers on the road to economic recovery. The important Metropolitan Policy Program at the Brookings Institute concludes that Austin is probably one of the top 20 urban centers to show widepsread and steady development in economic output as well as an improved labor market and job outlook. Austin has continued to produce Gross Domestic Product ( GDP) whilst the housing crisis seemed to ravage Austin’s property market, according to the Brookings Institute.

Texas statewide foreclosures vary to the extent that a comparison to Austin would be statistically irrelevant. Texas does better than the U. S. generally when considering the amount of foreclosures occurring in 2010 and the first quarter of 2011.

The positive direction of Austin Foreclosures will happen when the Austin jobs picture brightens and when homeowners are willing to ride out the negative equity in their homes while the market stabilizes.

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Austin Foreclosures List 815 Brazos Street # 821, Austin TX 78701, (512) 487-7460. Search Austin Foreclosures And Get Free Updated Austin Foreclosure Information E-mailed To Your Inbox.

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