According to the American-Statesman, the number of forclosures on properties in Austin increased 15% over the last year. Although this is a substantial increase, with 340 houses up for auction April 1, the foreclosure increase across the nation was 71% over the same period.
Many of the foreclosure increases have occurred in areas where prices have been inflated such that subprime mortgages were necessary for people to afford a home. The article lists areas in California and Florida, specifically.
Once again, Austin is straying from the national downturn, with home prices gradually increasing and such a moderate number of foreclosures, comparably.
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