In this 19 county area, foreclosure postings filed on homes for the February auctions remained on the high side of the scale, but where they were at this time last year with just a one percent gain. Last February, 5,614 postings were filed on homes within this area compared to 5,682 for the upcoming foreclosure auctions on February 3rd.
Addison, Texas (PRWEB) January 16, 2009
George Roddy, Sr., President of Foreclosure Listing Service, Inc. announced today, "Among the nineteen Texas counties that Foreclosure Listing Service, Inc. tracks, about 5,700 foreclosure postings have been filed on homes for the upcoming foreclosure auctions on the first Tuesday in February.
Mr. Roddy continued, "In this 19 county area, foreclosure postings filed on homes for the February auctions remained on the high side of the scale, but where they were at this time last year with just a one percent gain. Last February, 5,614 postings were filed on homes within this area compared to 5,682 for the upcoming foreclosure auctions on February 3rd."
Looking back over the past several years, Foreclosure Listing Service, Inc.'s President reflected, "In each of the past four years, February's foreclosure posting activity has been substantially higher than January's in most of our counties. As with many companies, lenders tend to ease off during the holidays and begin their housecleaning at the start of each New Year. Since the filing deadline to file a foreclosure posting is three weeks before the foreclosure auction, February's foreclosure auction is the auction impacted by this housecleaning effort."
RESIDENTIAL POSTING ACTIVITY BY COUNTY & METRO
For a list of residential foreclosure postings by county and/or by metro area, please see the attached file titled "FLS-TX Residential Foreclsoure Postings."
NORTH TEXAS REGION
Mr. Roddy commented, "Most counties within the North Texas region bucked a longstanding trend with fewer foreclosure postings filed on area homes for the upcoming February foreclosure auctions than for the same auctions one year earlier when many counties reported new record levels of postings."
"For example," the foreclosure analyst, whose firm began tracking foreclosure activity in 1963, revealed, "in the overall Dallas/Fort Worth Metro, each February's residential foreclosure posting activity surpassed the previous February's performance for the past nine years, from 2000 through 2008."
Mr. Roddy said, "While this is one piece of good news, foreclosure postings still remain at the high-end of the scale and will remain at this level for quite some time. With rising unemployment and a continuing credit crunch, there is simply no reason for foreclosure postings to decline in the foreseeable future."
The researcher and educator reflected, "Sadly, foreclosures are devastating to the property owner and their family. However, for an investor, this is one of the best times to be buying real estate."
He continued, "I see investors each month that are ready, willing and able to buy properties either before the auction while the property is still controlled by the property owner, bidding at the foreclosure auction, or after the sale when the property is in the hands of the lender."
Mr. Roddy said, "In the four-county D/FW Metro, postings of homes for the February auctions has inched down 8 percent over the last year, but remained on the high side of the scale. For the upcoming D/FW auctions, 4,905 postings have been filed on homes compared to one year earlier when the current record was set with 5,315 notices recorded."
He added, "Home postings filed for the February auctions in the D/FW Metro have exceeded 4,000 notices for each of the last three years."
CENTRAL TEXAS REGION
Mr. Roddy announced "In six of the nine counties within the Central Texas region, postings filed on homes for the upcoming February foreclosure auctions reached a new all time record high. These counties included Travis, Williamson, Hays, Bexar, Guadalupe, and Bell."
The foreclosure analyst remarked, "Just when you think that postings surely will not get any higher, we see another surge in activity in the Central Texas region."
"For the forthcoming auction in February, postings filed on homes in the four-county Austin Metro topped 1,000 for the very first time," Mr. Roddy said.
He announced, "1,034 postings have been filed on Austin area homes for the February 3rd foreclosure auctions. This was 24 percent higher than at this time last year. For the last thirteen consecutive months, Austin's home postings have exceeded 600 per month."
Mr. Roddy stated, "In the San Antonio Metro, which encompasses three counties, residential postings for February surged over 1,400 for the first time on record. For the upcoming foreclosure auctions in this Metro, 1,439 postings have been filed on homes compared to the previous record set one year ago when 1,268 notices were recorded. Over the last year, San Antonio's home postings have increased 13 percent."
TEXAS FORECLOSURE PROCESS
The foreclosure postings referenced in this press release may be auctioned off at the trustee's sale or auction, which occurs on the first Tuesday of each month in each county throughout the State of Texas. Homes posted for foreclosure at these auctions are posted due to either delinquency of a mortgage or homeowner's association dues.
Approximately 40 percent of the homes posted for foreclosure each month are expected to be auctioned off at the foreclosure auctions. Of those, around 90 percent are repossessed by lenders; and, for about 10 percent, investors are the highest bidder and successful buyer of these properties at the foreclosure auctions.
To foreclose on a property at the February foreclosure auction, the lender had to file the foreclosure posting at the county courthouse on or before January 12th, which was three weeks in advance of the foreclosure auction.
ABOUT THE COMPANY:
For information about the company, please visit us on the web and/or see the attached file.
For questions, foreclosure insights, supplementary data, or additional quotes on specific counties or metro areas, please do not hesitate to contact either of the following:
Mr. George Roddy, Sr., President of Foreclosure Listing Service, Inc. by calling 972-250-0993 or
Bonnie Brown, Vice-President of Foreclosure Listing Service, Inc. by calling 940-367-1070. A link has been provided to their email addresses.
# # #