A total 3,128 homes in Austin entered the foreclosure process during the first quarter this year, or about 7.5 percent more than the same three months last year,Â RealtyTrac Inc.Â reported on Thursday.
The online foreclosure listing service reported one in every 214 homes in Austin heading to foreclosure in the first quarter â€” including default notices, scheduled auctions and bank repossessions â€” ranking the Texas capital No. 85 of 211 cities for rate of foreclosure. Austin's 0.47 rate still increased about 3.5 percent from the fourth quarter last year.
Las Vegas again topped the foreclosure ranking in the first quarter with a total 26,275 homes entering the process, or about 3.21 percent of all properties. Modesto, Calif. and Stockton, Calif. came in second and third with about 2.17 percent and 2.11 percent of homes, respectively, reporting foreclosures.
Just for March, Austin's foreclosure rate tumbled 33.54 percent from the same month last year. The 0.11 percent rate was also down more than 36 percent from February. A total 749 homes entered the foreclosure process last month. The city was ranked No. 123 nationally.
Foreclosure filings were reported on 239,795 homes nationwide in March, a 7 percent increase from the previous month and 35 percent less than March 2010. In the first quarter, a total 681,153 U.S. properties had foreclosure filings, a 15 percent decrease from the previous quarter and a 27 percent decrease from the first quarter 2010.
â€œThe nationâ€™s housing market continued to languish in the first quarter, even as foreclosure activity fell to a three-year low,â€ RealtyTrac CEOÂ James SaccacioÂ said. â€œWeak demand, declining home prices and the lack of credit availability are weighing heavily on the market."
Don Groff is a licensed REALTOR & Mortgage Broker located in Austin, Texas. Â He has over 10 years of experience and also serves as a consultant to his current and past clients. Â If you would like to contact Don to discuss this article or anything else real estate related he can be reached atÂ 512.669.5599Â or email any questions toÂ firstname.lastname@example.org. Â You can also search the AustinÂ Area MLSÂ or research theÂ Austin Real Estate MarketÂ at his website:www.AustinRealEstateScene.com