by JEN BIUNDO
After a sharp rise last month, Hays County foreclosure listings for the upcoming August auction have dropped off again, but overall foreclosures for the year remain high.
The 111 properties facing auction on the steps of the Hays County Courthouse next month represent a 10.4 percent decline from the 124 listings for August of 2009, and a 28.4 percent drop from last month’s 155 listings.
However, the 133 average per-month listing in 2010 remains higher than last year’s average of 127, and significantly surpass the 2008 average of 81 per month. Hays County began seeing sharply elevated foreclosure listings at the start of 2008, as the nation faced a mortgage crisis.
A bank can initiate foreclosure proceedings when a property owner falls three months behind on the mortgage.
While home prices have remained relatively stable in the last two years, some areas are seeing high levels of home inventory on the market.
According to recent MLS data, the Buda/Kyle area has just under five months of inventory on the housing market, compared to 5.9 months in San Marcos, 9.5 months in Dripping Springs and more than a year in Wimberley.
