San Antonio home auctions are revving up, but home prices in the area are holding up, based on reports from the National Association of Realtors and from research firms.
In Bexar County, where San Antonio is the county seat, a total of 1,353 foreclosure properties, including foreclosed homes in San Antonio, had been listed for the March auction. The number marked an increase of 25 percent from the number of houses listed for the public auction in March 2009.
According to property investor Tony Zavala, foreclosure activity will continue over the next several months because of unemployment, adjustable-rate loans and refinancing difficulties.
Foreclosure businessman Gregg Stanley affirmed the expected rise in foreclosures, but added that there is a positive trend developing: the sharp drop in pre foreclosures in San Antonio involving homeowners who have just bought their houses.
Despite the rising foreclosure trend, however, home prices have been holding up. In December, the median sales price for a detached single-family home increased by 5 percent year-over-year to $148,300. The median in December 2008 was $141,200. Total home sales also increased by 8.3 percent over the one-year period.
According to NAR analysts, the median price increase was driven by the increase in demand by first time home buyers taking advantage of the federal tax credits.
Among the properties listed for the San Antonio home auctions in April are Mission Creek homes whose owners have failed to pay their homeowner association dues for the past two or three years.
According to Mission Creek HOA officers, they have decided to file foreclosures on 84 houses in the community because their funds allotted for required services are already dwindling.
Judith Gray, a lawyer chosen to be the auction trustee, said that the HOA can no longer function with ease because of the multiyear losses due to unpaid dues.
However, according to the delinquent homeowners, they have stopped paying HOA fees deliberately to pressure Sivage Homes, one of the developers of the community, to make good on its promise of building a community park. Currently, the park consists of untended trees and grass. They also claimed that the association never responds to their requests for updates on community issues.
According to housing analysts, if the 84 Mission Creek homes are not rescued from the San Antonio home auctions in April, home values in the community will sharply fall and could exacerbate the community problem rather than solve it.
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