Bexar County Foreclosure Filings Up 10.7 Percent For September
August 16, 2008
Written by Aïssatou Sidimé from the Express-News
Mortgage lenders have filed to auction off 869 Bexar County properties at the September foreclosure auction, according to RexReport.com — a 10.7 percent increase from the 785 postings in the same month last year.
The percent increase is less than August’s 11.2 percent increase from August 2007, reflecting a continued slowing of the increase in foreclosure postings that began in June.
The auction will be held Sept. 2 on the Bexar County Courthouse steps.
The Bexar County trend is in direct contrast to the growth in foreclosure filings nationwide. Nationwide foreclosure activity — including default notices, auction sale notices and bank repossessions — jumped 55 percent in July from July 2007, according to data released this week by RealtyTrac Inc.
Homeowners trying to sell their homes to get out of an unaffordable loan are finding fewer options due to falling home prices, a slowing economy and a tough credit market.
The Federal Reserve noted on Wednesday that more banks had tightened their credit requirements in July for both consumers and businesses.
The Bexar County housing market has seen slower increases in foreclosures because most homes continue to appreciate in value, which is considered a sign that a market is still healthy, said Travis Kessler, chief executive officer of the San Antonio Board of Realtors.
The median sales price of existing homes in San Antonio rose 2.5 percent in the second quarter compared to a 7.6 percent drop nationwide, according to the National Association of Realtors.
“A lot of the foreclosure rate has to do with our housing affordability,” Kessler said. “We are a much lower-cost market than, say, California. We are much more steady. When you live in an environment where you owe more than a home is worth, then you do see an increasing foreclosure rate.”
However, foreclosure experts have said the reduction in September auction notices in Bexar County might be somewhat artificial because the Labor Day holiday at the beginning of the month may have discouraged some trustees from filing as they planned to take long holidays.
Also, “there were three fewer filing days for the auction, which is consistent with fewer postings, ” said Gregg Stanley, publisher of San Antonio-based RexReport.com.
Bloomberg News contributed to this report
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