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Market News and Trends

More on foreclosure activity

According to CoreLogic, a total of 54,000 foreclosures were completed in the U.S. in February 2013.  That was down 19% from one year earlier, and was the smallest nationwide number since September 2007.  This is great news for all of us.

The report also lists the five states with the highest foreclosure inventory:  Florida (9.9%), New Jersey (7.2%), New York (5.0%), Nevada (4.6%), and Illinois (4.5%).

A few days ago I wrote about a RealtyTrac report and compared the Austin metropolitan area to Panama City, Florida — the city in that report with the least number of foreclosures last year.  Here’s a somewhat broader comparison:

Foreclosure sales in the 5-county Austin metro area accounted for a total of 11% of all residential sales in 2012.  That is substantially less than the national average of 19% in the 3rd quarter of 2012.  More important, though, is the fact that 2013 should see even fewer foreclosure sales:  out of a total 5,614 active residential listings today, just 204 — 3.6% — are foreclosed properties.

Nationwide improvement in the housing picture is certainly welcome, and it will buoy local real estate markets all over the country — even those that have not suffered as much as others through the downturn.  As you consider buying or selling in Austin, though, please keep in mind that not all local markets are alike, and buyers and sellers here are likely to behave differently than those still working through substantial, and growing, foreclosure inventory.

About Bill Morris, Realtor

More than thirty years of business experience (high tech, client service, business organization and start-up, including many years in real estate) tell me that service is the key to success and I look forward to serving you. I represent both buyers and sellers throughout the Austin metropolitan area, which means first-hand market knowledge is brought to bear on serving your needs: -- Seller Representation is a comprehensive process that begins with thorough market analysis and consultation, continues with properly staging the home to achieve the highest price possible in a reasonable time on market, a complete program of marketing and promotion, ongoing updates and communication, closing coordination, and follow-up throughout (and after) the sale. -- Buyer Representation is also full service: shopping, previewing, price and market consultation, contracting, negotiating, coordination of inspections, appraisals, repairs, and closing details, and follow-up beyond the closing of your purchase to ensure your lasting satisfaction. Because the real estate industry is becoming more sophisticated and challenging every day, you need a professional that understands the industry and is positioned to stay ahead of the game. I go the extra mile to help you achieve your goals. That's why I constantly research the market and property values so your home is priced effectively from day one. I also make sure the public knows your home is for sale by using innovative advertising and marketing techniques to attract potential buyers.


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