I am sure you are not surprised to hear that foreclosures are on the rise in Austin, TX. In Texas alone based on the picture above as of May (per www.realtytrac.com), 1 out of 323 homes is in foreclosure in the high foreclosure area (denoted by deep red) and in lower foreclosure area, 1 out of 26,853 homes (denoted by pink). In the US, 30 million people are in default of their mortgage and still increasing. Yikes!
The top ten states with high forecloses are:
1) Florida
2) California
3) Arizona
4) Illinois
5) New Jersey
6) Nevada
7) Texas
8) Georgia
9) New York
10) Colorado.
I don't exactly know when these statistics were reported but this information was obtained from a short sale class I took yesterday called Short Sales Solutions.
We need to stop Foreclosures in Austin NOW! Why? First of all, if a homeowner goes into foreclosure, not only is it devastating emotionally but foreclosure will impact their credit scores up to 7 years. That's 7 years that they can't buy a home in Austin. If every 5th person goes into foreclosure, how many buyers will we lose in this market for 7 years? That's 20% of the buyers pool right there and not only that the other 20% probably doesn't have enough money or is already facing credit challenged. The other 20% is most likely not going to buy because they are already settled into their home, 20% are afraid to buy because of the economy and there goes only 20% who are willing to buy. These numbers are just for illustration purposes but you get the gist.
How can we save foreclosures? If you know of anyone who is upside down and who had already defaulted in their mortgage, have them give me a call. Remember, these people have options before they face foreclosure. I need to speak to them to see if they qualify for SHORT SALE. Most real estate agents won't do short sales because of the tedious paperwork and patience involved. I have the passion to help people and am organized. My sister, a real estate agent in Northern California who is a very experienced short sale agent is my mentor.
Most importantly, the clock is ticking. Once they have received a notice from their lender, they only have a few days to get going before their property is auctioned on the county steps. Act now and call me today for your FREE phone consultation. You have nothing to lose but just 30 minutes of your time. The best advice you can give someone you know who is facing foreclosure is to have them give me a call ASAP.
NOTE: I am a candidate for the Certified Default Resolution Specialist designation. I need to complete short sales transactions as a listing agent in order to earn my designtation. Austin Realtors, if you have a client that may be a short sale candidate, I will pay you a referral fee.
