Home Sales and Foreclosure Filings Up in Austin

The economy is in a strange place; the stock market is now performing better than it has in a long time, but most of us know people who were recently laid off (I know two people in Texas who were axed in the last few weeks).  Austin's housing market also seems to be going in two different directions.

According to the Statesman, foreclosure filings in the Austin area have risen 52 percent from the same time last year, with 1,300 homes on the auction block on Nov. 3. They got the numbers from Foreclosure Listing Service Inc. The company's CEO and president, George Roddy Sr., is quoted as saying, "Despite recent announcements that the recession is over and we are poised for recovery, I fully expect foreclosure postings to remain high well into 2010."

The Statesman also reported that sales on existing homes in the Austin area have risen 6 percent, which is the first time there has been year-over-year growth in more than two years. Pending sales, which are home sales that will likely close in October, are up 24 percent from this time last year. "As the deadline for the first-time homebuyer tax credit approaches on Nov. 30, we may continue to see increases in home sales into October and November," said Jay Gohil, chairman of the real estate board, to the Statesman.

What do you think -- is Austin's housing market getting better or worse?

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