MySA reports a rise in foreclosures. “While most of the nation saw home foreclosures decrease, demonstrating a housing market recovery, Texas saw a spike in bank-owned properties.”
“The lingering effects of Hurricane Harvey are partly to blame, a study by property database ATTOM Data Solutions explained.”
“Some of that distress was driven by natural disasters, most notably in Houston, where foreclosure starts increased 61 percent,” Todd Teta, chief product officer said.
“Harvey doesn’t account for all of Texas’ markets, of course, including other areas that have seen a rise in foreclosures.”
“Natural disasters do not explain the increase in markets such as… Austin — which posted double-digit percentage increases in foreclosure starts in 2018,” Teta said in a prepared statement.”
“Overall, Texas is up in foreclosures starts and REOs, an acronym for “real estate owned” that refers to completed foreclosures. However, some Texas markets bucked the trend, including Tyler, Texas, where foreclosure starts were down 42 percent.
At least one market saw a rapid rise in year-over-year completed foreclosures: Beaumont was up 63 percent in this sector, compared to Houston, which saw a 17 percent increase. It’s worth noting that the Beaumont area was also devastated by Harvey, which could be the main reason for that increase.”
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