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Foreclosure prevention measures seem to be working in San Antonio

| Jul 7, 2016 | Foreclosure Prevention

Fortunately, San Antonio and Texas were never hit as hard as other areas of the country by the collapse of the housing market. Nevertheless, there are still many homeowners in the area who are having trouble making their mortgage payments. Even while many still struggle, foreclosure prevention measures taken by homeowners and their lenders seem to be working.

In April of last year, San Antonio’s foreclosure rate was .63 percent. This April, that number dropped to .59, which is slightly higher than the state’s rate of .54. By comparison, this April’s foreclosure rate for the country was 1.03 percent.

However, when it comes to delinquency statistics, the numbers are quite a bit higher. Delinquency is defined as being more than 90 days past due on mortgage loan payments. The current rate here in San Antonio is 2.55 percent, which is a drop from last April’s 2.81 percent. Again, this rate is higher than the state, but less than the nation. Records indicate that approximately 2,800 homes were sold in May of this year, which means that the rate of home sales in the area increased 10 percent from the same time in 2015.

While all of these numbers are encouraging, they do not provide much solace, if any, to the people who remain in financial distress when it comes to their mortgage loans. Foreclosure prevention efforts might not be enough for some homeowners. If that is the case, they would most likely benefit from speaking with an attorney who regularly helps homeowners in danger of foreclosure. 

Source: mysanantonio.com, “San Antonio’s foreclosure rate declined in April“, Richard Webner, June 28, 2016

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