Posted earlier today on www.AustinMarketInfo.com:
“California, Florida, Illinois and Michigan accounted for 52 percent of the nation’s total foreclosure activity during the month.” More: http://austin.bizjournals.com/austin/stories/2009/11/09/daily25.html
Almost everywhere, including Austin/Central Texas, foreclosure postings are up compared to same time last year, but month-to-month numbers are heading the right direction. Mortgage loan restructuring is still moving much slower than the bailout process anticipated, but many lenders are more reluctant to foreclose. Even if it means a little more patience with slow-pay borrowers, delaying foreclosure avoids substantial legal costs, slow moving listings and accompanying carrying costs, etc.
If you’re in trouble with your mortage obligations, don’t just wait for the “final notice.” Talk to your lender, explain your genuine hardship, try to work it out. You just might be surprised, especially if you’re in one of the most distressed markets. Austin is not on that list, but it’s always better to try than to just hunker down and let foreclosure happen.