Monday, February 15, 2010

Austin-area foreclosures rise

 Well, Here they come...

- Mr. Bubble

Austin-area foreclosures rise

Postings for March auction increase despite recent signs of improvement.

AMERICAN-STATESMAN STAFF
Published: 8:45 p.m. Monday, Feb. 15, 2010
Austin-area residential foreclosures have jumped, dimming prospects for a drop after months of year-over-year increases.
Last month, the wave of foreclosures appeared to be subsiding, as postings for the February auction were up just 2 percent from a year earlier. It was the smallest increase in months.

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3 comments:

  1. Have you ever looked at the ten year arc in Austin? Hop on a site like Zillow or Yahoo and you can very clearly see a huge arc in sales activity. People in the industry like to suggest that Austin didn't experience the bubble, and it's true that we didn't have the run up like other parts of the country, but what the sales histories show us is that the speculative bubble simply arrived later for Austin. You know something is wrong when a dowdy 1100 sq ft shack on a small parcel is selling for half a million just because it's close to UT. Frankly, you do not want to live close to UT.

    Sadly, a big chunk of this is Californians who made out during the bubble and moved here, buying their homes with their trumped up equity.

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  2. http://dl.dropbox.com/u/515809/2010%20Economic%20Forecast%20Presentations/Jim%20Gaines.pdf

    Sorry to burst your bubble, but page 25 of this presentation shows us that Texas foreclosures are not spiking. Page 34 and 35 show that the price bubble has been popped.

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  3. JPMorgan Chase just released it's analysis on foreclosures across ALL housing markets, so none of that "it's local" clap trap:

    "The nation's second-largest bank expects the number of delinquent home loans to skyrocket over the next year, echoing analysts' expectations of a gloomy housing market that is nowhere near recovery.

    JPMorgan Chase's pessimistic outlook cuts across the entire housing market. In its annual report filed Wednesday with the Securities and Exchange Commission, the lender says its writeoffs -- those loans so delinquent they're uncollectible -- could jump 26 percent for its prime mortgage loans, 25 percent for subprime loans, and 19 percent for home equity loans."

    http://www.huffingtonpost.com/2010/02/24/housing-woes-to-continue_n_475955.html?source=patrick.net

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