I am on the Schertz, TX Economic Development Corporation Board of Directors and was asked to provide some information on foreclosures in the city. Our financial folks are in the process of updating the city's bond ratings with some big New York banks and needed current data. Here is what is real for us:
Currently Schertz has five (5) listed foreclosures! For a population of ver 33,000 that is an impressive number. We historically have 8-10, but recent sales have reduced the inventory and we are not adding much to it. If we had out "little" tri-city area of Selma, Cibolo, and Schertz, we have 13 listed for a population of close to 50,000.
We have had 10 foreclosures sold in Schertz in the last six months, and 23 when the tri-city is combined. Again, not what everyone expected to hear....they all thought we are experiencing historically high levels, when in fact, it is just the opposite!
Schertz and the central Texas region is in great shape and we are proud to have such a solid eceonomic base to work with. Sure, things are slow compared to a couple of years ago, but we are still moving forward.
If you want any information on our great little town, let me know!
Showing posts with label foreclosures. Show all posts
Showing posts with label foreclosures. Show all posts
Wednesday, July 8, 2009
Wednesday, April 22, 2009
Back on line!
It's been a while since my last blog entry - been busy and distracted, two good and bad things:)
OK, the stimulus packages are out, you can get up to $8000 for first time buyers; interest rates are killer low; inventory in our area is good; weather is great; Ft Sam is gaingin a new 3000 person unit this summer; San Antonio grew economically by 8% over the last year... so Why are people thinking you can offer 50% 0f list price for a house? We are not in the four (yes, 4) states that are seeing the media's full attention on foreclosures, etc. In fact we have neighborhoods that have appreciated throughout and in spite of the press coverage!
A couple of things you need to look at:
- Financing is still tough with credit below 680 or 720 for conventional
--Check us out for areas that offer the USDA rural programs. Can't be in big cities, but they offer 100% financing without PMI!
-Foreclosures are a good deal if you have time and money to get them back in shape. Some are a mess, some just need TLC. But all need patience!
-MOST, not ALL homes are priced pretty close to value - don't think that all can be had for pennies on the dollar
-FHA financing is still the best option for most, nut you MUST have 3.5% as a minimum to put dowen and not all sellers will pay closing costs
If you are prepared, this is a fantastic opportunity to purchase a home.
OK, the stimulus packages are out, you can get up to $8000 for first time buyers; interest rates are killer low; inventory in our area is good; weather is great; Ft Sam is gaingin a new 3000 person unit this summer; San Antonio grew economically by 8% over the last year... so Why are people thinking you can offer 50% 0f list price for a house? We are not in the four (yes, 4) states that are seeing the media's full attention on foreclosures, etc. In fact we have neighborhoods that have appreciated throughout and in spite of the press coverage!
A couple of things you need to look at:
- Financing is still tough with credit below 680 or 720 for conventional
--Check us out for areas that offer the USDA rural programs. Can't be in big cities, but they offer 100% financing without PMI!
-Foreclosures are a good deal if you have time and money to get them back in shape. Some are a mess, some just need TLC. But all need patience!
-MOST, not ALL homes are priced pretty close to value - don't think that all can be had for pennies on the dollar
-FHA financing is still the best option for most, nut you MUST have 3.5% as a minimum to put dowen and not all sellers will pay closing costs
If you are prepared, this is a fantastic opportunity to purchase a home.
Thursday, January 8, 2009
Foreclosure info
If you live in the San Antonio are you have seen recent news about the increase in foreclosure listings in Bexar County, up to over 1100 in January 2009! our normal numbers hover around 700 or so, and have for years.
But the media are not completing the "rest of the story" to you - of the Foreclosure FILINGS, about 30-35% will actually end up in foreclosure!
Most of the loans will either be paid up, taxes paid, mortgage refinance or restructure, or other means of holding off the foreclosure sale process. In fact the number of foreclosures has risen in the last few months. But with recent interest rate reductions and more money being freed up by lenders, more filings are being saved as well.
So, things are different if you get ALL the news information.
Call and we can discuss the actual number of foreclosures and the actual savings we are seeing this year in prices.
But the media are not completing the "rest of the story" to you - of the Foreclosure FILINGS, about 30-35% will actually end up in foreclosure!
Most of the loans will either be paid up, taxes paid, mortgage refinance or restructure, or other means of holding off the foreclosure sale process. In fact the number of foreclosures has risen in the last few months. But with recent interest rate reductions and more money being freed up by lenders, more filings are being saved as well.
So, things are different if you get ALL the news information.
Call and we can discuss the actual number of foreclosures and the actual savings we are seeing this year in prices.
Tuesday, November 11, 2008
Foreclosure Update
Does a day go by that the media is not telling us that the sky is falling, and may fall further with the national housing crisis? Well, do they try to add some perspective? Of course not!
Did you realize that only 1.7% of Fannie Mae and Freddie Mac mortgages are failing? Sure, that is a huge dollar amount, but a fraction of the many more mortgages that are being paid by hard working, responsible home owners across the nation.
The real damage is in the many fraudulent mortgages that were offered by lenders, pushed by home builders, and re-sold by the investment banking industry. Instead of opting for an affordable home that met their real needs, buyers were wooed into purchasing larger, more expensive homes, and did not add in the real cost of ownership with higher utility bills, higher taxes, and longer commutes to and from work. Still, many buyers did not take the risk and remained within their budgets. They are still paying off their loans, working hard and hoping that the next economic stimulus will not ruin their ownership.
Take it all into context, don't believe the headlines, and know that home ownership is a great way to invest your hard earned dollars for both the present and the future.
Did you realize that only 1.7% of Fannie Mae and Freddie Mac mortgages are failing? Sure, that is a huge dollar amount, but a fraction of the many more mortgages that are being paid by hard working, responsible home owners across the nation.
The real damage is in the many fraudulent mortgages that were offered by lenders, pushed by home builders, and re-sold by the investment banking industry. Instead of opting for an affordable home that met their real needs, buyers were wooed into purchasing larger, more expensive homes, and did not add in the real cost of ownership with higher utility bills, higher taxes, and longer commutes to and from work. Still, many buyers did not take the risk and remained within their budgets. They are still paying off their loans, working hard and hoping that the next economic stimulus will not ruin their ownership.
Take it all into context, don't believe the headlines, and know that home ownership is a great way to invest your hard earned dollars for both the present and the future.
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