San Antonio pre foreclosures are being handled capably by the city, as shown in the relative stability of home prices and in the continued economic strength of the city.
According to the Brookings Institution, San Antonio was among the top 20 cities in the country that performed strongly in the final quarter of 2009 despite the downturn. The commercial and residential properties that have been sold through homes auctions in San Antonio were not able to depress property values to unmanageable levels.
In Bexar County, where San Antonio is the administrative city, a total of 1,573 homes were listed for the April public auction, a seven-percent increase from the number of homes posted for the April auction last year.
For the first four public auctions this year, over 5,800 real estate properties have already been posted, a sharp increase of 19 percent over the estimated 4,900 postings in the first 4 months this year. The month that posted the highest number of foreclosures was January, when 1,652 units entered the list of San Antonio foreclosed homes for the county auction.
In the past few months, a number of properties in lists of San Antonio pre foreclosures were posted for the public auctions for several times as lenders gave time to owners to work out repayment schemes. But in the list for the April auction, the number of repeated postings dropped.
There could already be a declining trend for repeated postings, according to analysts, but the fluctuations make them uncertain of the trend.
Bexar County posted a total of 16,000 foreclosure filings in 2009, the highest annual figure posted in the country in more than 20 years. But these postings did not cause the overwhelming property declines that happened in other cities.
According to David Cibrian, member of the Texas Finance Commission and partner of the San Antonio unit of Strasburger and Price, the economy of Texas has not been battered by the foreclosure crisis because house prices in the state did not shoot up during the boom and Texas lenders did not encourage subprime and exotic mortgage lending. Cibrian also added that the foreclosure situation in the state will sharply improve this year.
In another foreclosure report that monitored 2009 filings, the number of San Antonio pre foreclosures and actual foreclosures surged by 24 percent to 9,934, but the economic power of San Antonio has been able to slow down foreclosure activity in 2010.
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