Posted foreclosures up in Harris County

Completed foreclosures down

Wendy Natt, Jun 17, 09.

Postings for foreclosures in the first half of 2009 in Harris County are up 7.4 percent from what they were in the first half of 2008, while completed foreclosures are down nearly 25 percent for the same time period, according to a Houston Economic Indicators email update from Skip Kasdorf at the Greater Houston Partnership (GHP). GHP obtained their figures from the Foreclosure Information & Listing Service (FILS).

GHP notes that posted and completed foreclosure rates typically move in the same direction. FILS says that the unusual current situation of their moving in opposite directions was partly created by the self-imposed moratoria that was implemented by major banks at the beginning of the year (at the request of the federal government) and recently lifted. As a result, the number of completed foreclosures in the first half of the year decreased, and the post-moratoria surge in posted foreclosures that began two months ago is now running its course. Many of these recent postings were not initiated early enough to be included in the June foreclosure auction, says GHP.

FILS also attributes the 2009 rise in foreclosure postings to an increase in unemployment in Harris County.

See these figures, and the full list of Houston Economic Indicators for June 17, 2009.

(Photo credit: respres)