How common foreclosure is in a given area matters for many reasons. One is that foreclosures can have incredibly significant impacts on homeowners exposed to them, not the least of which being the loss of their home.
A recent report from CoreLogic sheds some light on how the San Antonio area has been doing lately when it comes to foreclosure rate. The report contained data on the foreclosure rate for the San Antonio-New Braunfels area for this March. According to the report, the rate was 0.63 percent (taken as a rate of outstanding mortgages). This indicates that the San Antonio-New Braunfels area is seeing a lower foreclosure rate than it did last year. The March foreclosure rate for the area last year was 0.71 percent.
Another thing the March numbers point to is foreclosure being a little more prevalent in the San Antonio-New Braunfels area than in Texas as a whole. It is estimated that the state saw a 0.60 percent foreclosure rate this March.
While the San Antonio-New Braunfels-area foreclosure rate was a little high as compared to Texas as a whole this March, it was on the low side as compared to the nation as a whole. The national foreclosure rate for this March is estimated to have been 1.09 percent.
A homeowner can find themselves facing a possible foreclosure when they get behind on their mortgage payments. The above-mentioned report indicates that, along with the foreclosure rate, the 90-day mortgage delinquency rate was also down in March 2016 as compared to March 2015 in the San Antonio-New Braunfels area. What things do you think have helped contribute to this lowered rate and could help the rate continue to go down year-over-year in the future?
Falling behind on mortgage payments can be an incredibly stressful situation for a homeowner. In such a situation, a homeowner may greatly fear losing their home and feel like there is no hope of avoiding foreclosure. However, foreclosure does not have to be an inevitability when it comes to mortgage struggles. There are various options a homeowner who is having difficulties making their mortgage payments may have for trying to prevent a foreclosure. Experienced San Antonio-area real estate lawyers can go over foreclosure prevention options with area homeowners who are experiencing mortgage difficulties.
Source: San Antonio Business Journal, “Foreclosure rates continue to decline in San Antonio metro,” Susan Saporito, May 24, 2016