The last few years have been rough ones for homeowners across the US with foreclosures rising and property values plummeting in many areas, but Austin homeowners can at least take some comfort in the fact that the Austin area has largely avoided the foreclosure storm.
Austin foreclosures for 2009 came in at 1.22%, nearly half the the national average of 2.21%. The news was even better when you compared Austin (where 1 in 80 homes was in some stage of foreclosure) to hard hit cities such as Las Vegas (1 in 8 homes) and Phoenix (1 in 12 homes).
The news wasn't all rosy for Austin homeowners, as the foreclosure rate was up nearly 40% more than in 2008 (and 55% higher than in 2007), and the median sales price was down slightly over the last two years. Compared to some areas where home values have plummeted 50-75%, though, simply treading water as far as your home's value holding steady is a major cause for celebration.
Prospects for 2010 look good for the Austin area as well, as Austin foreclosures should likely stay well below the national average due to prospects for job growth. While most experts don't predict a job boom in 2010, many are pointing to an improving job market that sees real gains in 2011 and beyond. Plentiful jobs and affordable housing should help the Austin real estate market continue to perform well in difficult times.