Foreclosures Are Up Along With Postings

Home foreclosures are going up in Amarillo and foreclosure postings are rising even faster.

Since the first of the year, 118 homes have been sold at foreclosure actions in Potter and Randall counties.

But a more important number that portrays the housing downturn, is postings which could have an impact on your home value.

Many neighbors around this house believe it's been foreclosed, but actually, it hasn't.

"I Think there has been a small up tick in foreclosure postings," said Todd Boykin, an Amarillo Real Estate Attorney.

According to Texas law, a house must be posted before it can be sold at a foreclosure auction.

"Postings are a notification to the borrower that the lender intends to foreclose. Foreclosure is the actual sale itself," said Leon Swift, an Industrial Specialist at Caldwell Banker.

And the number of postings are increasing much faster than actual foreclosures.

In 2008 there were almost two hundred more postings than in 2007.

And experts see postings continuing to go up.

"We can expect that postings will increase and postings do not equal foreclosures," said Swift.

If a house is posted, it's vacant and waiting for a buyer, but it could be several months before anyone buys the house, thus officially making it a foreclosed home.

With the results from the first quarter, the year end projection could see a normal amount of foreclosures, but their could be almost three hundred more postings than normal.

And as more homes sit vacant with out an owner, some neighbors could see their values drop.

Housing experts say they have not tracked foreclosure rates in other Panhandle towns, because the information is not as accurate.