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Shane T. White's Blog

By Shane T. White | Broker in 78642
  • Austin Area Sees Foreclosures Rise Slightly in August

    Posted Under: Market Conditions in Austin, Financing in Austin, Foreclosure in Austin  |  November 1, 2011 5:25 PM  |  1,406 views  |  No comments
    The Austin area housing market saw the number of foreclosures rise slightly for the month of August when compared to August of 2010, according to CoreLogic Inc. The number of foreclosures in Austin with mortgage loans that were outstanding was 1.1 percent, which was a slight increase of 0.06 percent. In August of 2010 the rate was 1.05 percent.

    The city of Austin continues to fare better than other areas in the state of Texas. The rest of the state of Texas had foreclosure rates at 1.54 percent for the month of August. As a whole the state of Texas is doing much better than the national average. The national average for foreclosures was at 3.43 percent for the month of August.

    The number of those mortgages in Austin that were delinquent stood at 3.10 percent, which is down from last year's number of 3.44 percent. A delinquent mortgage is considered one that is 90 days or more late.

    In the future we may continue to see foreclosures in the Austin area down in comparison to the rest of the nation as the Austin area job market is growing. Across the country, Austin ranks 14 when it comes to adding jobs in a major market. There were 15,500 non-farm jobs in the past year added to the Austin job market.

    Contact the Shane T. White Team if you are looking to buy or sell your home. Discover what it is like to work with a team with a real passion for real estate. Contact us today at (512) 515-LAND (5263). We are here for you to help you buy or sell real estate near Austin in the Liberty Hill area, including Leander, Georgetown, Cedar Park, and Bertram.
  • Mortgage Defaults Rise in the Third Quarter

    Posted Under: Market Conditions in Austin, Foreclosure in Austin  |  October 20, 2011 10:58 AM  |  1,277 views  |  No comments

    The number of mortgage defaults for the third quarter of 2011 were up according to a recent report released by RealtyTrac Inc. With more and more Americans entering the foreclosure process, it leaves us wondering where the housing market is headed.

    The number of homeowners receiving a first-time default notice in the third quarter was up 14 percent compared to the second quarter. When initial foreclosure notices go out to homeowners, it is the first step in what could end up leaving the lender taking back the home.

    The increase in foreclosure filings could indicate that lenders are moving more aggressively now than we have seen in months past against those homeowners who have fallen behind in making monthly loan payments. Last year when the foreclosure process problems came to light, the number of foreclosures slowed as lenders reviewed their procedures and policies.

    The increase in foreclosures could result in the faster turnaround in the Austin housing market. The increase in first-time default notices comes after five consecutive quarters of declines, which indicates that banks are starting to work there way through their backlog of homes that they have in foreclosure and are more aggressively pursuing those who are recently behind on home loan payments.

    RealtyTrac CEO James Saccacio said, “While foreclosure activity in September and the third quarter continued to register well below levels from a year ago, there is evidence that this temporary downward trend is about to change direction, with foreclosure activity slowly beginning to ramp back up.”

    Banks are currently on track to repossess 800,000 homes this year, which is under the 1.2 millions homes that were anticipated to be foreclosed on this year.

    Contact the Shane T. White Team if you are looking to buy or sell your home. Discover what it is like to work with a team with a real passion for real estate. Contact us today at (512) 515-LAND (5263). We are here for you to help you buy or sell real estate near Austin in the Liberty Hill area, including Leander, Georgetown, Cedar Park, and Bertram.

  • Help for Those Facing Foreclosure in the Austin Area

    Posted Under: Foreclosure in Austin  |  June 28, 2011 1:52 PM  |  910 views  |  No comments
    Avoid ForeclosureIf you are facing foreclosure in the Austin area, more assistance may be headed your way. The state of Texas recently received a $135 million grant that will help those homeowners that are at risk of foreclosure.

    The new Emergency Homeowners Loan Program was recently implemented by The U.S Department of Housing and Urban Development and NeighborWorks America via the grant. The main goal of this program is to help those facing foreclosure to be able to continue to live in their homes. 

    Similar programs are rolling out across the country as a result of over $1 billion worth of aid allocated to help distressed borrowers. This new program will help those homeowners who miss a monthly mortgage payment as a result of an involuntary unemployment or from underemployment as a result of the economy or a medical condition. The loans are expected to average $35,000 and will help over 30,000 homeowners across the country.

    Currently in Texas one in every 1,074 homes received a foreclosure filing last month alone.
    In the Austin area there were 817 new homes that received foreclosure filings in the month of May.

    Contact the Shane T. White Team if you are looking to buy or sell your home. Discover what it is like to work with a team with a real passion for real estate. Contact us today at (512) 515-LAND (5263). We are here for you to help you buy or sell real estate near Austin in the Liberty Hill area, including Leander, Georgetown, Cedar Park, and Bertram.

  • Foreclosure Rates Down in Texas

    Posted Under: Foreclosure in Liberty Hill  |  May 24, 2011 8:25 AM  |  1,073 views  |  No comments
    A new report released from the Texas Mortgage Bankers Association showed that there were only 1.89 percent of residential mortgages in foreclosure during the first quarter of 2011 in the state of Texas. Throughout the state, the economy is gaining strength. The state of Texas was ranked as coming in 6th lowest in the country when it came to foreclosures. The national average of foreclosures is 4.52 percent.

    The number of loan delinquencies dropped to 7.91percent of mortgages during the first quarter of 2011.
    This is the lowest number we have seen in almost two years. Not only did the number of loan delinquencies decrease, but so did the 90 days or more delinquent number which fell below 3 percent to 2.80 percent. This is another number we have not seen in almost 2 years.

    President of the Texas Mortgage Bankers Association said, "These numbers continue to provide evidence that Texas has the best lending landscape in the entire country." And "The continual and sizable reduction in the foreclosure rate is a material sign that the worst is behind us in Texas."

    Foreclosures are dropping in Texas and the Austin housing market is picking up. Now is the time to buy. Contact the Shane T. White Team if you are looking to buy or sell your home. Discover what it is like to work with a team with a real passion for real estate. Contact us today at (512) 515-LAND (5263). We are here for you to help you buy or sell real estate near Austin in the Liberty Hill area, including Leander, Georgetown, Cedar Park, and Bertram
  • Foreclosure Rate Drops in Texas

    Posted Under: Foreclosure in Austin  |  March 31, 2011 10:26 AM  |  736 views  |  No comments

    Last month the state of Texas saw 11,562 property foreclosures posted, which was 22.4% less than the month of January as reported by Realty Trac. The foreclosure rate drop in Texas is hopefully a good sign of things to come.

    Nationwide the foreclosure listing service reported a total of 225,101 properties in foreclosures, that included those those that received default notices, were scheduled for auction or bank repossessions. This was a 14% decrease from the month of January.  When compared to this same time last year, there was a drop of a whopping 27%. This was the highest year-over-year decrease since 2005. February being a short month also contributed to the decrease seen.

    RealtyTrac CEO James Saccacio said, "The bottom line is that the industry is in the midst of a major overhaul that has severely restricted its capacity to process foreclosures. We expect to see the numbers bounce back, but that will likely take several months." One in every 841 homes are in foreclosure in the state of Texas, and in the Austin area that number is one in every 608 homes. Texas is faring much better than other states in the country. In the state of Arizona, one in every 178 homes has been impacted by foreclosures and one in every 119 homes in Nevada has been impacted.

    Contact the Shane T. White Team if you are looking to buy or sell your home. Discover what it is like to work with a team with a real passion for real estate. Contact us today at (512) 515-LAND (5263). We are here for you to help you buy or sell real estate near Austin in the Liberty Hill area, including Leander, Georgetown, Cedar Park, and Bertram.

  • Decrease in Foreclosure Postings in the Austin Area

    Posted Under: Foreclosure in Austin  |  October 21, 2010 8:12 PM  |  539 views  |  No comments

    ForeclosuresForeclosure postings in the Austin area are down 13 percent from this time last year, and down 6 percent for the month of October, according to Foreclosure Listing Service Inc. It is unclear if the result of the drop in foreclosures is a result of the recent moratorium on seizures and foreclosure sales by major lenders. The recent halt was initiated as a result of accusations that major mortgage lenders were not properly processing paperwork in tens of thousands of foreclosure cases.

    Experts do not feel that the halt in foreclosures has greatly impacted these numbers since most of the foreclosure postings were already in the process on October 4th when Greg Abbott, Texas Attorney General, requested a suspension on all foreclosures. The month of December is the month that many experts believe that the foreclosure postings will be impacted by the temporary foreclosure halt. There was a total of 1.344 properties posted for foreclosure in Travis, Williamson, Hays, and Bastrop counties.

    Foreclosure postings are down in the Austin area and there are still many great deals to be had. Are you looking to buy or sell a home? If so, contact the Shane T. White Team. Discover what it is like to work with a team with a real passion for real estate. Contact us today at (512) 515-LAND (5263). We are here for you to help you buy or sell real estate near Austin in the Liberty Hill area, including Leander, Georgetown, Cedar Park, and Bertram.

 
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