While home foreclosures have jumped dramatically from a year ago in Austin, the numbers remained steady in recent months with about 1,000 homes foreclosed on or in danger of such in June, according to a new report from RealtyTrac Inc.
One in every 655 houses foreclosed or was in danger of foreclosing in June, a 98 percent increase from the same month in 2009. While the figure is alarming, it’s only up 6 percent from May. Most real estate experts said foreclosures would start hitting the mark in both commercial and residential real estate starting in late 2009 through most of 2010, and have stressed that overall it’s more important to rely on month-to-month figures because it more accurately reflects market stability.
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In another high-profile foreclosure, Comerica Bank late Tuesday posted Spanish Oaks, a 911-acre luxury residential and golf course project in Bee Cave, for the Aug. 3 foreclosure auction.
Spanish Oaks’ owners had been talks for some time with Comerica to modify the terms of a $32 million loan to avoid foreclosure. The original loan was $34.4 million, according to the foreclosure filing. The loan negotiations involved the golf course, unsold lots and undeveloped land.
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Michael Fratantoni, MBA's Vice President of Research and Economics summed up the survey:
Reno attorney and real estate investor William Thornton has filed a complaint with the Nevada Real Estate Division against local real estate figures Karen Greathouse and Nancy Fennell of Dickson Realty.| Sales | Change from Last Year | Median Price | Change from Last Year | Months' Inventory | |
| Austin | 1,276 | up 7% | $182,000 | down 3% | 6.2 |
| Dallas | 2,707 | down 9% | $149,200 | up 1% | 6.1 |
| Fort Bend | 510 | down 7% | $188,700 | up 8% | 4.8 |
| Fort Worth | 538 | up 5% | $106,000 | down 3% | 6.5 |
| Houston | 3,615 | down 4% | $146,600 | up 6% | 6.6 |
| Longview-Marshall | 116 | down 12% | $120,000 | up 1% | 8.9 |
| Odessa | 67 | up 26% | $123,100 | down 5% | 5.8 |
| San Antonio | 1,239 | up 7% | $140,700 | down 1% | 7.8 |
| Temple-Belton | 94 | down 10% | $110,800 | down 11% | 6.7 |
| Victoria | 61 | up 33% | $109,200 | down 23% | 6.6 |
| Texas | 13,064 | down 2% | $141,100 | up 2% | 6.9 |
It has recently been announced that the USDA loan program will be out of money by the end of April 2010. In any typical year the USDA loan program has plenty of funds to make loans through the end of the year. Over the last few years as other “0″ down loan programs have disappeared, USDA has stepped up to fill the void and provide affordable “0″ down loans for first time homebuyers across the nation. This increased demand for USDA loans has led to a shortfall the last two years in funds needed to keep this program solvent. Last year the stimulus money was used to bridge the funding gap and business went along as usual. This year however there is no stimulus money left to bridge the funding gap and it looks like that sometime in April we will be out of funds and USDA will stop issuing commitments until their normal refunding takes place (sometime in the late fall).
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