Foreclosure postings dip below 1,100 in Austin metro area
Foreclosure postings for the upcoming Aug. 2 residential auctions in the Austin, Texas, metro area dipped below 1,100 for the fourth month in a row, according to Foreclosure Listing Service Inc. Postings either declined or remained the same for the past six months when compared to the year-ago period, the Dallas-based firm said. “Statistically, when we hit six consecutive months of decline ... that is typically considered reflective of a rebounding foreclosure market," said George Roddy Sr., president of FLS. "Although we are getting close to six months straight in the Austin area, I remain cautious and will have to refrain from celebrating any time soon.” Roddy said some of the slowdown may be attributed to lenders taking more time processing distressed property paperwork due to last fall's robo-signing scandal in which default services law firms were caught filing legal documents in foreclosure cases without a proper review. The 1,059 postings for the August foreclosure sales were 11% below the 1,193 recorded in the year-ago period. August postings are still 43% higher than they were three years ago in August 2008. Year-to-date postings for January through August stand at 9,677, down 4% from the same time period in 2010. Texas is a nonjudicial state that doesn't require a lawsuit to foreclose on a residential property. Foreclosures are auctioned the first Tuesday of every month at courthouses around the state. Write to Kerry Curry. Follow her on Twitter @communicatorKLC.