Take a look at this map, which shows the percent of subprime mortgages across the county by county.  One thing you will find is that Central Texas isn't one of the areas with a terribly high number of these.  All of the counties in the Austin MSA are well under 30%.  Why is this a good thing?  Many of the properties being foreclosed on are ones that were purchased using subprime mortgages.  This tells me that the foreclosure rate in the Austin are won't affect our real estate market too badly.