Postings remain higher than in '08, but drop is welcome, analysts say.
AMERICAN-STATESMAN STAFFFriday, July 17, 2009
Residential foreclosures for the Aug. 4 auction are at a five-month low in Central Texas, reflecting a trend in other parts of Texas, according to data from Foreclosure Listing Service Inc.
On Thursday, experts cautioned against reading too much into a single month's data, but they said the drop was a welcome break after a steady upward march this year.
"The tide may have changed," said George Roddy Sr., president of Foreclosure Listing Service, who said the figures offer hope that foreclosures postings may have reached a peak.
In Travis, Williamson, Hays and Bastrop counties, 1,072 properties were posted for the August auction, down 27 percent from 1,464 in July.
Postings still were 45 percent higher than they were a year ago. But that is the second-smallest year-over-year percentage increase this year, after a 24 percent jump in February.
In the Dallas area, foreclosures fell below 5,000 for the first time since March, according to Foreclosure Listing Service.
In Bexar County, postings also were at their lowest level since March, according to Real Estate Foreclosures Inc. in San Antonio.
"This looks like a breather or a relative lull in foreclosures that could go on several months," said Greg Stanley, president of Real Estate Foreclosures. "These posting totals are still at a very high level, and talk of being out of the woods is silly, but this is still a nice respite."
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