Foreclosure starts have been trending downward nationwide. For years, they have been trending downward in San Antonio as well. However, in the first quarter of 2018, foreclosure starts jumped up a massive 48 percent over the last quarter of 2017. Is this a sign that foreclosures will become a major problem once again?
New Defaults, New Foreclosures
According to an article from San Antonio Business Journal, one in every 625 housing units in San Antonio now has a foreclosure filing. The article reports that these are not necessarily property owners who have been struggling previously. The majority of these are actually new defaults, from home loans that originated after 2010.
Further, the article notes that while the report is on the start of the foreclosure process, it does not reflect people who simply missed a payment. These are property owners who are "deep into delinquency."
It Might Not Be As Bad As It Seems
When compared to recent quarters, the numbers might look scary. However, when compared with a longer period of time, it might not be as bad as it seems. In fact, despite being an increase over the previous quarter, the reality is that the first quarter of 2018 had the third lowest foreclosure starts since 2016.
Still, property owners who are in the early stages of foreclosure need to take the matter seriously. They are at risk of having their homes or businesses taken away. Thankfully, for many, there are foreclosure defense options that may prove helpful.