San Antonio Bank Foreclosures Boost Economic Performance

by on cities

San Antonio bank foreclosures rates were just enough to propel the city to top the Brookings Institution’s study of the economic performance of 100 metropolitan areas across the United States in the second quarter.

The success of this Texas city during the current economic climate made Mayor Julian Castro hope and aspire for a better future. In his speech before almost 200 students during the celebration of the Hispanic Heritage Month, Castro reflected on the challenges, progress and opportunities facing the Hispanic communities in San Antonio.

He said that the past and future progress in the Hispanic Community is tied to health care challenges and low graduation rates. He told his audience about his background, about how his grandmother, who came from Mexico, stopped going to school when she reached the fourth grade. He said that his grandmother worked all her life as a cook, babysitter and maid to earn her living.

He said that his story is a reflection of the progress made during the time of his grandmother up to today. He believed that a major hindrance for success is the academic underachievement of many Latinos compared with other minorities in the country.

The Brookings MetroMonitor of the economic performance of the top metropolitan areas in the country were based on several major indicators, including unemployment rates, employment, gross metropolitan product, San Antonio bank foreclosures rates and housing prices.

Castro explained how the success of San Antonio is attributed to the integration of minority communities and their perseverance and hard work to become what they want.

Statewide, the number of foreclosures in Texas dropped by 7 percent last month. Foreclosure filings, which include notices of default, auctions and bank repossessions, reached 11,261 last month. The figures represented a 6.8 percent drop compared with July, but 4 percent higher from August of last year.

In July, foreclosure filings rose, with one in every 838 homeowners receiving at least one filing. The July figures earned the state the 27th spot in the ranking for highest foreclosure rates in the country.

Industry experts said that the foreclosure activity may seem to be waning in the previous month. But they cautioned against hoping for a quick recovery of the housing market, adding that the current situation is too vulnerable to economic changes.