While "all real estate is local", some problems are popping up all over. In spite of its reputation as one of the nation’s "better" housing markets, foreclosures are reaching new heights in Austin, TX:
In more evidence that the national housing troubles are hitting Central Texas, one of every 133 homes in Travis County was posted for foreclosure in the first six months of the year — compared with one in 265 homes in 2001.
The same trend prevailed in Williamson County, where one of every 95 homes was posted for foreclosure this year, compared with one in every 225 homes in 2001.
The calculations by Foreclosure Listing Service Inc. are a new way to look at the region’s rising foreclosures, which are higher than they were in 2004, when Central Texas was still in the doldrums of the tech bust.
They also answer those who say rising foreclosures simply reflect the increased number of homes in the region.
"That is certainly one of the components, along with several others, including lenient lending practices," said George Roddy Sr., president of the Addison company, which tracks foreclosures in many Texas cities.
But, he said, the contention "that today’s foreclosure posting rate on a per capita basis is not as bad as it was a decade ago does not fly."
Money was lent, that shouldn’t have been lent, to people across the nation during the boom. Those folks are now in trouble- wherever they are.
