This is some seriously good spin. The Statesman says that the seasonally adjusted rate of foreclosure is accelerating, but only by 2% and that's good news. (This is after a massive government intervetion too.)What it means is that we are getting off into a rate of foreclosure that is higher than last year! As an aside, I think I heard on KLBJ that Austin foreclosures were up 78% YOY at the end of 2009.
What really concerns me is this: the HAFA disclosure. This refers to some HAMP machinations that basically will require banks who took the 8k tax credit to offer easy exits to borrowers who are behind in their payments. THAT will mean lots of short sales and Deed in Lieu's...which will mean lots of banks pushing inventory, especially high end inventory, into the Austin market.
- Mr. Bubble
Foreclosures show signs of easing
Central Texas Business Digest- statesman.com
Austin-area foreclosures show signs of easing
Austin-area foreclosure postings rose just 2 percent for the February auction from a year earlier, the smallest increase in months.
According to Foreclosure Listing Service Inc., 1,286 properties were posted for the Feb. 2 auction, up from 1,261 a year earlier. It was the lowest level in five months.
Postings were up 32 percent in Travis County from a year earlier and up 13 percent in Williamson County. They fell 7 percent in Hays County and 31 percent in Bastrop.
George Roddy Sr., president of Foreclosure Listing Service, said the trend was encouraging, but cautioned that "a change for one month does not establish a new trend. We will just have to wait and see what happens next month."