Repostings amount to 57% of total in Travis as lenders remain slow to seize property.
Property foreclosures continue to rise in Central Texas, but a growing percentage are repeat postings by lenders who have stopped short of seizing the homes.
In Travis County, 57 percent of the 441 postings for the June 2 auction are repeats, said Bonnie Brown, vice president of Foreclosure Listing Service Inc., an Addison company that tracks foreclosures.Â That was up from 49 percent in April and 37 percent in March.Â The pattern was similar in other counties.
Lenders have been initiating foreclosures when borrowers missed payments but holding off on taking possession of the properties while they work with borrowers to revise mortgage terms.
In a soft real estate market, lenders are reluctant to seize houses they might not be able to sell.Â Additionally, the lenders would take on costs for maintenance and insurance at a time when many are trying to reduce costs.Â They repost the homes to protect their ability to seize the properties at a later date.
Overall, June postings in Travis, Williamson, Hays and Bastrop counties were up 52 percent from a year ago.Â They were up by the same percentage for the first half of the year.
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