Hays Witnesses Drop in Foreclosure Rate

Posted on August 27th, 2007 by hinson

According to the recent reports, Hays County witnessed a sharp decline in the foreclosure rate. Central Texas is definitely at a better position in the tough times when the foreclosure crisis is hitting the entire nation and disturbing its economy. Foreclosure Listing Service Inc. tracked all the foreclosure activities taking place in the twin metro cities and the nine counties of Texas. Its reports are suggestive of the fact that the Bastrop County is expected to have the least foreclosure listings in the month of September in the year 2007.

The County of Hays witnessed a drop of almost 22 percent in the foreclosure activities. Last year in the month of September, the listings for foreclosure were 88. This year for the same period it is likely to have 69 properties which is indeed an improvement. Williamson County is moving at an equal pace. It has also seen a considerable improvement in the situation with a downward foreclosure trend setting in.

In the county of Comal, the total number of foreclosed properties has dropped down by 14%. Similarly, the Guadalupe County saw a decline of 19% in its foreclosure activities. In Austin the foreclosure activities have gone down by 21% which is incredible. San Antonio saw a small decline of 9% which is neither too great nor insignificant. Ever since FLS has begun tracking the foreclosure activities in the Hays County, the total number of listings has gone below 200.

According to the latest reports, the foreclosed properties reported till date are worth the value of $91 million. As compared to the past four years, the foreclosure activities in Hays have been the least for the period between January and September in the present year. The report submitted by FLS is evocative of the fact that the metro area of Austin is the only place in the entire Texas that is likely to witness a remarkable improvement in the foreclosure activities.

Austin has indeed seen a major improvement in the foreclosure listings, but the situation is still depressing. The foreclosures are on a pretty higher side when compared with other areas. The rise in foreclosure activities is affecting the entire nation. A similar situation had taken place in the year 1989 but it was an entirely different crisis that had taken a heavy toll. The past crisis was predominantly due to the fact that a large part of population engaged with the financial and oil industries lost their jobs. But what is happening at the moment is an entirely different situation that will have an adverse effect on the financial economy of the US.

Via