Local News
Foreclosure re-postings up
Repeat visits to the auction block a growing trend
San Marcos — The list of properties scheduled to be auctioned off at the Hays County Courthouse on Tuesday has already been compiled; but the last auction of 2009 reflects a growing trend of having the same properties listed more than once.
“Re-posting,” as it is called, rose in 16 of the 19 Texas counties tracked by the Addison-based Foreclosure Listing Service (FLS), but the biggest jump was in Hays.
“The highest gain in residential re-posting activity was a 162 percent jump in Hays County with 454 re-postings filed this year compared to 173 re-files in 2008,” said FLS President George Roddy.
That’s compared to a 142 percent increase in Guadalupe County, 126 percent in Williamson and Johnson counties, 121 percent in Travis and 110 percent in Bastrop. Only two of the tracked counties, Dallas and Denton, saw the rate of re-postings fall.
In all, Roddy said re-postings have jumped 88 percent over last year and accounted for 44 percent of all foreclosure listings this year.
A total of 1,136 Hays County residences were listed for foreclosure this year compared to 675 in 2008, for an increase of 68 percent. Non-residential Hays properties listed totaled 682, compared to 502 for last year, meaning an increase of 36 percent.
In Guadalupe County, a total of 351 residences were re-posted this year, compared to 145 in 2008; in Comal, 293 residences were re-posted in 2009 compared to 156 a year ago.
Roddy said he believes the re-posting trend is “fueled mainly be loan modification requests.”
“Lenders have received a tremendous number of loan modification requests this year from homeowners who are already delinquent on their home mortgage,” he said.
“Many of these homeowners are so far behind on their mortgage payments that the foreclosure process has already begun. It appears that the lenders just keep re-posting these homes for foreclosure until the loan modification review has been concluded. Then, the homeowner is either granted a modification and basically starts fresh with the lender or the loan modification is denied and generally the home is foreclosed on.”
FLS does not track Caldwell County.
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