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The Texas home foreclosures market has been reeling under the burden of several foreclosure homes and the painful reminders that are being carried forward by the homeowners across the state. If the weather wasn’t adding woes then bank foreclosures certainly are in the state and it is definitely not the prettiest of pictures. Most of the Texas bank foreclosures have taken place due to the alarming increase in the rate of interest in sub-prime loans. Due to this sudden increase many homeowners have defaulted in making the payments for their mortgages and hence paid the price with their homes getting foreclosed.
This ugly picture has been witnessed throughout the state and in different metro areas including San Antonio. San Antonio bank foreclosures have taken the metro to the 27th position in the top 100 list. The metro has made a major contribution in the 39,869 filings witnessed in Texas in the first quarter of 2007. In the very first quarter of 2007, San Antonio foreclosure homes reported were 3,830 averaging a filing rate of one per 143 homes, which by all standards is high.
Bexar County recorded a high foreclosure rate with 1,160 foreclosures. This is the perfect situation for investors who were able to buy 3bed/3bath homes in the County through auctions for anywhere between $100,000 and $162,000.
Due to the increase in the rate of foreclosures in different counties, San Antonio is bow undergoing a bad phase. The number of foreclosure homes is on the rise and is expected to rise in 2008 according to some experts. It is extremely surprising because so far San Antonio enjoys a good economy with major car industry, healthcare industry, bioscience industry projects funding the economy of the metro.
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