Well, I guess it had to happen sooner or later. We all watched the collapse of the real estate market in California, Nevada, Florida 2 yrs ago, and the big bubble of inflated values pulling the rest of the country down last year. All the while here in Central Texas we were thinking, whew, we dodged that bullett. Our area saw mild declines yes, but nothing like other harder hit areas. After all, we still had people moving here and some job growth. Well,, the $#@* finally hit the fan here. The local Foreclosure Listing Service shows a dramatic 57% increase in year to date foreclosures for the Austin Metro area. Travis County has a 58% increase year to date and Williamson County which includes Round Rock, Georgetown and Cedar Park has a shocking 61% increase in foreclosures year to date from 2008.
I suspect most of the foreclosures are not from crazy loans that made no sense, but more a reflection of job loss in the local high tech economy. Another contributing factor in 1-4 family income property was the number of west coast investors snapping up anything on the market 2-3 yrs ago, now they are strapped and unloading their properties here.
Whatever the reason it's going to be putting a downward pressure on prices here for the next year.
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