foreclosure

Austin City is the capital of Texas State and is located in Travis County. It is situated in central Texas. Austin is the 16th largest in the country and fourth in Texas. The Austin-Round Rock metropolitan zone is the second fastest growing in the nation. It seems a contradiction that this fast growing region should be slowed down by Austin foreclosure homes. The fate of the state being linked with the country this is but inevitable. In the global era it is not just the city, the state or the country but in a series of chain reactions Austin foreclosure homes is having its impact on the world stage. One cannot shake off the global handshake for good or bad even if one wants to.

Austin politics has been dominated during the last decade or so by environmentalists opposing urban growth. Ironically the environmentalists may have won with an increase in Austin foreclosure homes. Most of these homes lie around vacant allowing Nature to take back what has hitherto been taken from her by Man.
The economy of Austin centres on high technology with the metro region hosting two Fortune 500 firms. It absorbs those who graduate from The University of Texas located at Austin.

Housing here in Austin is much cheaper than the Silicon Valley but despite this the city has not been spared the pain of Austin foreclosure homes. But one reason for the Austin foreclosure homes maybe because the housing costs are much higher than rural Texas. This led to a mini boom in housing – may be not as fierce as in California but strong enough to bring about the blight of Austin foreclosure homes.

The concentration of the high tech industries led to the dot.com bubble and burst being much more intense than other parts of the country in the latter part of the 90’s. According to the findings of RealtyTrac there was less number of foreclosure homes than many other cities during 2008. Among the 100 worst affected metro regions the Austin-Round Rock zone ranked 80th with only 1% of its houses being in foreclosure. It calculated to 5,737 units being in trouble. It is however an increase of 11% from 2007.

The foreclosure situation was worse in Houston than Austin with 32,000 houses being foreclosed. This calculated to 1.5% of the homes being in foreclosure. Fort Worth, San Antonio and Dallas hovered around 1%.

Across the country foreclosures increased by 81% in 2008 from 2007.

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