Austin-area foreclosure postings down 23%

Foreclosure postings for the July auction in Austin, Texas, dropped 23% compared to the year prior, but experts are still leery of saying the market is rebounding. Postings in the four-county Austin metro area fell to 1,016 for the July auction, according to Foreclosure Listing Service. Travis County reported the highest volume of foreclosure postings at 512, a 33% decreased from July 2010. Williamson County had 319 postings, followed by Hays County at 124 and Bastrop County at 61. FLS said July is the fifth consecutive month auction postings either fell or remained unchanged compared to the year ago. In April, foreclosure postings decreased 5% from a year earlier and in May postings dipped 14%. However, George Roddy, president of FLS, remained cautious on his outlook. “While I am not yet ready to say the foreclosure market has rebounded, I am certainly encouraged,” said Roddy. “Frankly, if this year-over-year improvement continues, reaching six consecutive months of decline, then, we may be able to see the other side of this foreclosure crisis.” Roddy picked out another piece of positive news from the data, stating that July is the third successive month postings in the Austin metro area were under 1,100. Prior to the latest numbers, monthly posting levels were at or more than 1,100 per month for the 10 previous months, he said. So far in 2011, there have been more than 8,600 foreclosure postings in the Austin area, down 4% compared to 2010, according to FLS. Write to Christine Ricciardi.