Great Deals on San Antonio Bank Foreclosures

by on cities

San Antonio bank foreclosures are available for both investors and first time homeowners. According to the 2007 real estate report formulated by the Texas Real Estate Center, the median price of San Antonio homes was $140,100 in 2006. The family income required to qualify for a loan on a home of this price was $35,324 and the actual median income in 2006 was $53,992.

It can be seen from the figure that buying a home is not difficult in San Antonio given the median earnings but still foreclosures took place. San Antonia is a major tourist town that attracts millions of tourists each year and the cost of living is also not too high. The why is there a high rate of Texas bank foreclosures? The reason attributed for this is the subprime loans.

The subprime loans have a high rate of interest and hence even if people qualify for the loan with ease they still have to pay a higher interest. The second most interesting fact is that if a person is turned down on fixed interest home loan due to credit rating then they can get the subprime loans. The result is foreclosure homes.

Reports state that 2007 started with foreclosure listings especially because more and more people failed to pay back their subprime loan mortgages. Home to the legendary Alamo, San Antonio is a melting pot of Ethnic cultures and in the recent past, the population has increased because availability of home loan is easier. This may sound good but what doesn’t sound good is that increase in the number of San Antonio bank foreclosures in the last couple of years.

There were 6,409 foreclosure filings reported in San Antonio in the period between January 1 and June 30, 2007, which means that there was one filing per 112 households. Of course the rate of San Antonio bank foreclosures has fallen down but the number of foreclosed homes for sale each month is almost the same.