Area's foreclosure postings remain steady

[UpInArms]

http://austin.bizjournals.com/austin/stories/2004/07/19/daily4.html?jst=b_ln_hl

Foreclosure postings in the Austin area continue at a steady clip, according to a study released by Addison-based Foreclosure Listing Service Inc.

"Although I expect that monthly foreclosure posting activity will continue to vacillate somewhat from month to month, I expect overall foreclosure posting activity to remain at the current high level throughout the remainder of this year," says George Roddy, president of Foreclosure Listing Service.

Hardest hit was Williamson County, which had 235 for August foreclosure sales, compared with 194 last year, a 21 percent increase.

...more...

and

Foreclosures.com: New York Metro Foreclosure Activity Remains High

http://home.businesswire.com/portal/site/google/index.jsp?ndmViewId=news_view&newsId=20040719005292&newsLang=en

July 19, 2004 06:01 AM US Eastern Timezone

Foreclosures.com: New York Metro Foreclosure Activity Remains High

SACRAMENTO, Calif.--(BUSINESS WIRE)--July 19, 2004--Foreclosures.com, a Northern California- based foreclosure property investment advisory firm, reported today that lis pendens filings against homeowners in default remained at a high level in the residential metro areas of New York.

"We saw 1,646 new cases in Queens for the first two quarters of 2004," said Foreclosures.com president

Alexis McGee, "and 1,325 in Kings County." Ms. McGee added that one reason for the high number in Queens was that it has the highest percentage of owner occupied dwellings in the city. "41% of households in Queens are owner occupied versus 24% citywide," said Ms. McGee.

She went on to say that the relatively weak job market in New York City, along with rising interest rates was contributing to the continuing flow of new foreclosure cases. "New York City's unemployment rate is still at 7%, well above the national average, and the interest rate for the benchmark 30 year fixed rate loan is at 6.375% at many New York lending institutions and trending up."

Ms. McGee pointed to a third factor in the New York City foreclosure picture: The percentage of household income going to mortgage payments. As 2004 began, said Ms. McGee, New Yorkers were paying 42.5% of their incomes to service their home loans. In contrast, households in Nassau County on Long Island were paying 24.1%.

...more...

and

Firm reports increase in Valley foreclosure threat

http://phoenix.bizjournals.com/phoenix/stories/2004/07/19/daily8.html?jst=b_ln_hl

Despite strong economic news in the Phoenix metro area, new notices of trustee sales of homes in foreclosure in Maricopa County totaled 3,246 for the second quarter of 2004, according to distressed property investment advisory firm Foreclosures.com.

"The economic news for the Phoenix metro area is improving rapidly, but foreclosure activity is still almost 50 percent ahead of the same period last year," said Alexis McGee, president of Sacramento-based Foreclosures.com.

McGee added that increasing interest rates, combined with a slowly cooling Phoenix housing market, was putting pressure on over-extended homeowners in Maricopa County.

...more...

[mhr]

1. I Have A Professional Acquaintance With A Home In Austin He Is Selling

His real estate agent said that Austin has current home listings of 12,000 which is the highest in the country.

His real estate agent also said that to "move" the home he would need to take a $ 100,000 hit on the price.

Needless to say he is not happy.

For those that do not know, Austin was a high-tech center and was very hard hit by the economic downturn.

See this graph from Dallas Fed.

[UpInArms]

2. the D/FW area is

definitely sucking pond water :(

[mhr]

3. Tell Me About It - Unemployed Four Years In DFW!

Good jobs are very scare here.

[cliss]

4. This is so sad.

Think of how large an area that covers 3,246 homes. That's an entire neighborhood, if not more. And every one of them losing their homes. What happens to these families next? Do they move out on the street, or move in with relatives, or live out of a car.

This is such a huge cost to society.