And yet, in today's local news, it was reported that the January, 2010 Bexar county auction of foreclosed real estate will hit record levels with 1,652 properties up for sale. This follows a 20 year high foreclosure rate in 2009 of nearly 16,000 properties sold. Most of those homes were purchased in 2004, 2005, and 2006 when adjustable-rate loans and interest-only loans were more common and the market was peaking. Those loans are commonly fixed for the first five years before the rates start to change. The recent increases in monthly payments are pushing some homeowners into foreclosure.
But the news isn't all bad. Backing up the Forbes magazine statements, our underwater or negative-equity properties in San Antonio was about 9.9% compared to a national average of 23% as of September, 2009. So it's bad, but not as bad as in some other locales. We still have a lot to be thankful for in the San Antonio housing market this Christmas!
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