Startling new numbers show foreclosure rates in Central Texas are on the rise. The report came from a national company that calculates foreclosure rates. According to Realty Trac Inc.'s latest report, more than 5,200 homes were foreclosed on or in danger of foreclosure during the first six months of 2010. It is a 42 percent increase from the listings filed in the first six months of 2009 in Central Texas.
The report shows the worst hit areas include Manor and Hutto with one in every 56 homes and one in every 57 homes receiving a foreclosure filing, respectively.
Realty Trac broke the numbers down by county. According to their website, in June this year, an average of one in every 854 housing units in Travis County received a foreclosure filing. In Williamson County there's an average of one in every 421. In Bastrop County, an average of 1 in every 312 homes faced foreclosure, and in Hays County, 1 in every 608.
"Families are being destroyed because of the fact that mortgages are not being paid," said U.S. Representative Edolphus Towns of New York. "They just need a little support and need a little help."
Earlier this year, the Obama Administration said it would expand the foreclosure prevention programs that are offered in the nation with the intent to allow homeowners who are struggling to get new loans backed by the Federal Housing Administration.
Christy Christoper is an Austin-based expert who advises homeowners at risk of foreclosure. She says many homeowners are applying for loan modifications but doing so with companies that are not their mortgage lender, some of which are scams. Instead, Christoper says homeowners should only work directly with the company that handles their mortgage.
