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San Antonio Home Foreclosures Drove Surge in Home Sales



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By : John Cutts    99 or more times read
San Antonio home foreclosures largely drove the increase in sales of lower-priced homes in the area in 2009, based on home sales data from local realtors.

In 2009, around 76 percent of all homes sold in San Antonio were priced below $200,000. A large number of first time house buyers purchased homes in the price range of $100,000 to $150,000. Analysts said that financing in the lower price range is more readily available than financing for homes priced above $300,000. They also stated that the trend of increased sales in the lower range will continue in 2010.

Many realtors, however, have been observing an increased number of prospective buyers looking for homes in the $300,000 to $400,000 range due in part to the $6,500 tax credit for move-up buyers.

Although the number of residential properties entering foreclosure home lists in 2009 in San Antonio climbed up, the median price for single-family homes rose in December to $148,300, an increase of 5 percent from the $141,200 median in December 2008. Total home sales during 2009 climbed up by 8.3 percent.

San Antonio home foreclosures surged by 23.7 percent in 2009, with 9,934 households in the metro area receiving foreclosure notices, representing 1.31 percent of all housing units in the area. The foreclosure situation in San Antonio was better than 108 other large metro areas as the city was 109th in the foreclosure charts in 2009.

Statewide, the foreclosure situation in Texas was much better than 28 other U.S. states in 2009. Far below the rate of home foreclosures in California, the state which has been posting the largest number of filings in 2008 and 2009, only 1.06 percent of households in Texas received foreclosure notices in 2009.

Analysts said that Texas largely escaped the devastation experienced by states with high rates of foreclosures because the state was able to prevent the over-inflation of home prices that occurred in other states during the housing boom.

One sign indicating the strength of the housing sector in Texas is the projected 31-percent growth of housing starts to almost $22 billion in 2010.

In San Antonio, the housing market is also expected to recover more quickly this year. NAR chief economist Lawrence Yun and other housing analysts said that any increase in the pace of San Antonio home foreclosures will be balanced by a continued increase in demand for homes and an improvement in the job situation.
John Cutts has been educated in the finer points of the foreclosure market over 5 years.

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