From the Texas A&M Real estate center reports:
LITTLE ACTION AT FORECLOSURE AUCTION
AUSTIN (Austin American-Statesman) – As the number of foreclosed homes climbs rapidly, the possibilities for investors to buy homes at auction at reduced prices also climbs. But Travis County’s final foreclosure auction for the year saw few buyers.
Of the 124 homes posted for auction Tuesday, only 15 were purchased. The rest were sent back to lenders.
Investors who buy foreclosed properties must pay cash up front, and tight credit markets make borrowing money tough, even for them.
Investors are also exhibiting caution in their purchases because of the uncertain housing market. They are watching to see if the trends will continue to point downward.
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