There was a great deal of increase in San Antonio foreclosures in last year. In fact, in Feb. 3 auction, the record number of properties were filed to auction off. Precisely, 1248 properties were available in foreclosure auction in Bexar County and that was number of properties being offered in auction since 1980s. This was actually a jump from 919 postings in Feb, 2008 – a 36 percent increase from the last year.
Also, 1.09% of homes were sold in foreclosure auction in San Antonio in the year 2008. This was an increase from 2007 where lenders foreclosed 4.9 percent of homes in San Antonio. The reason behind this increase in foreclosure properties is the decrease in prices of homes in San Antonio. When people can not sell their home on their own because of the lower prices, they are left with no other choice but to let it go into foreclosure.
There was a decrease of 4% in media prices of San Antonio homes. Now, this situation is not really favorable for people selling their homes but it is encouraging for those who are looking to buy homes. In fact, it is the best time to buy homes in San Antonio as there is a decrease in prices and increase in foreclosures. Both these factors are extremely helpful for those looking to save some money while buying a property.
Another reason why you must consider buying home in San Antonio at present is that there are lots of lenders who are currently interested in short sales. This is another way to save a lot of money on buying a home because lenders are willing to sell these homes at a price lesser than its original value. It is so because lenders don’t want to bear the expenses up to $40,000 for San Antonio foreclosures.
Moreover, when it comes to foreclosures, lenders really don’t like to hold a property for too long. That’s another reason why you can expect some discount while buying foreclosed properties and there are lots of chances of doing so in San Antonio. If you are interested in doing so, then do check out for San Antonio foreclosures in zip codes, like 78233, 78249, 78251, 78260 and 78255. These are the most popular zip codes where you can get homes with as many as five bedrooms and 3 bathrooms. So, make a decision now!
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Written by Alex Rolim.
