The Foreclosure Report

New Homes Lead Defaults In Austin Area

A TV station in the Austin, Texas area reports on defaults there. "Although the number of foreclosures nationwide is going down, the number in Williamson County is still five times higher than the national average. Every where you look, you see new homes under construction."

"Unfortunately, there are more homes up for sale due to high number of foreclosures countywide. 'We've got a lot of growth. Anytime you got growth, you are going see some foreclosures,' realtor Glenda Nielsen said."

"Nielsen says it's a good market for homebuyers. So why so many foreclosures? Many qualify for much more of a home loan than they can afford. 'Three out of five were new homes, and they didn't realize that the taxes were going up the next year then when they went up, they couldn't afford it,' Nielsen said."

posted by Ben Jones @ 6:15 AM