Foreclosure auction postings drop in Austin as recovery takes hold

Foreclosures posted for auction in the Austin, Texas, metropolitan area hit a 28-month low, as the statewide housing market shows signs of recovery. Just 974 properties received a posting for May’s auction, down 14% from May 2010, according to Foreclosure Listing Service Inc. The last time there were so few filings was January 2009, the firm said. One year ago, there were almost 1,200 foreclosure postings in the area. Travis County, the county seat of Austin, received the most foreclosure filings — 511. That was followed by Williamson County, 324; Hays County, 96; and Bastrop County, 43. So far this year, more than 6,500 properties in the Austin metro area received a foreclosure auction posting. Not all properties that get posted for an auction on the courthouse steps actually go through an auction sale. Although this is the second consecutive month postings in Austin have dropped, George Roddy, president of FLS, cautions that this does not revert a long-standing trend. “During the previous 27 consecutive months, the volume of foreclosure filings in the Austin metro exceeded 1,000 each month,” Roddy said. “In 13 of those months, foreclosure postings surged above 1,300.” Austin follows the release of Dallas foreclosure data, which show foreclosure postings at a 40-month low for the May auction. Write to Christine Ricciardi. Follow her on Twitter @HWnewbieCR.