Home Foreclosures Up in Central TX

Central Texas is setting record highs, when i t comes to foreclosed homes.  Travis County alone is seeing a 117% increase from last year.

Austin broker Dennis Sposato says he's no longer just listing lower-income foreclosed homes.

"It's happening in higher income too. There are many, many houses. The biggest one was a million-two that got foreclosed on," Sposato tells FOX 7.

He says he's getting more calls than ever to save pre-forclosure and sell foreclosed properties.

"No, I haven't seen it this bad," Sposato said.

"When you see it everywhere, you're mostly seeing problems with the job market, people can't keep their jobs in order to pay their mortgages and that's why they're having to give them up," Travis Co. Clerk Dana DeBeauvoir.

At the Travis County Clerk's Office, hundreds of foreclosure notices stack up, setting record numbers for this area.  781 notices were filed this month for July auction. That compares to 360 last July.

"They're worried about much more immediate bills like feeding the children, and paying for school, then they are about paying a mortgage. So they're bad circumstances, very sad stories, and every piece of paper coming in has some kind of heartbreaking tale like that," DeBeauvoir said.
 

Travis County isn't the only area seeing foreclosure trends skyrocket.

"Hutto has been hit bad. Del Valle has been hit bad," Sposato said.

Sposato says anywhere new, affordable homes sproud up, chances are foreclosures are being filed.  Take Williamson County, with 451 filed for auction next month. That compares to 209 foreclosures.

And in Hays County, 143 foreclosures were filed for July auction, which compares to 86 postings last July.
 

"We haven't hit bottom yet, but, I think we're almost there," Sposato tells FOX 7.

"Yes, the numbers are still climbing, it wouldn't surprise me if we hit a thousand a month. Which is extremely worrisome," DeBeauvoir says.

The Travis County Clerk says rising numbers of foreclosed homes drive down property values and tear apart neighborhoods.

The good news-- Sposator says this is a great time to buy. He says the stimulus package is making it easier for first time homebuyers.

He also says you can strike a deal buying pre-forclosure, or--if you have the case--during auction.

Follow Keri on Twitter: twitter.com/keribellacosa