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San Antonio has always enjoyed a healthy economy with a good rate of employment and hence is seems strange and comes as a surprise to see the metro face a barrage of bank foreclosures in the recent times. In the year 2005, the healthcare industry along with bio-science catapulted the economic impact in San Antonio by adding $14.3 billion to the San Antonio economy. The financial services sector grew in San Antonio with rapid success and enjoyed an annual rate of 4.7% which also had a positive impact on the economy of Bexar County. In spite of such a great economic growth, San Antonio bank foreclosures have been rampant.
In fact, the unemployment rate in Bexar County was around 3.9%, which is less than that of Texas at 4.1% and yet the county witnessed a jump in the number of foreclosure homes and recorded 1,160 in 2007. The county had registered 2,440 homes in foreclosure from June of 2005 to May of 2006 followed closely by Travis County, El Paso County and Cameron County. This high rate of foreclosure has been responsible for increasing the overall rate of San Antonio foreclosure homes.
San Antonio with Bexar County is now on the list of top 100 foreclosure rates as far as metros are concerned. Featuring at the 27th position, San Antonio contributed majorly towards the 39,869 Texas bank foreclosures in 2007. The first three months were critical for San Antonio where 3,830 properties were reportedly filed for foreclosure at a rate of one per 143 households. San Antonio ended the year with 7,658 Texas foreclosure homes and this is definitely not the American dream that homeowners want to live!
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