SA Foreclosure Rates At Record High
Local Real Estate Markets Struggle To Recover
POSTED: Tuesday, December 22, 2009
UPDATED: 6:34 pm CST December 22, 2009
SAN ANTONIO -- San Antonio and Bexar County are both showing disappointing numbers in the real estate market.
The number of foreclosures is at a record high in 2009, and at a monthly record for December.
So far this year, some 16,000 properties were foreclosed, and 1,652 more will be foreclosed in January in Bexar County.
"It’s better than the rest of the state and better than the rest of the United States, but it is still pitiful," said Gregg Stanley with a local foreclosure listing business called RexReport.com.
The list put together by the company showed page after page of Bexar County properties set to be auctioned off in January.
"About 30 percent of them will be auctioned off," Stanley said. "Another 20 percent will be sold to investors or sold at distress prices."
It’s not just homeowners who are losing their homes, but renters as well.
Bexar County Precinct 2 Judge Stephen Walker said he sees 30-40 cases each week in his court involving eviction notices and people who can't pay their rent. The only difference this week, Walker said, is that he will be delaying evictions so that families can stay in their homes for Christmas.
"We have to follow the law, but we have to show compassion and all we are saying is we are going to delay it for the holiday, but they are still going to be put out on the streets, unfortunately," Walker said.
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