It looks like fewer people are losing their homes to foreclosures, but the drop is very small. See the article below.
From Austin Business Journal:
Foreclosure postings filed for the upcoming October auctions in the Austin metro area dropped about 2 percent, compared with the same month last year. According to Addison-based research firm Foreclosure Listing Service Inc., foreclosure postings for the greater Austin metro area totaled 629 for October.
This article was in yesterday’s Austin Statesman. More of what we already know, but a good read nonetheless.
In summary, new home builders have sharply curtailed sales to investors. Some no longer sell to investors at all, others limit sales to 10% of the neighborhood. But there are still plenty of investors buying new homes in Austin. About 12% of all homes sold in Austin Texas between January and June 2005 were sold to real estate investors.
Average rents for houses in Austin turned downward again in July according to MLS data. The 2005 YTD rents are again below the 2004 levels. Investors continue to supply Austin with excess rental inventory, keeping the rental supply at just below 3 months inventory as we head into the slower Fall season.