subject: San Antonio Foreclosed Homes Offer Long-term Value For Buyers [print this page] Buyers of San Antonio foreclosed homes may get a boost from The Texas Department of Housing and Community Affairs (TDHCA) in the upcoming months. In August 2009, TDHCA announced that it would release $81 million to help first-time homebuyers buy a property. The initiative may help homebuyers looking for their first foreclosed homes save considerably, especially when the local prices of foreclosure homes are taken into consideration.
The initiative will allow first-time moderate to low income buyers to enjoy fixed-rate 30-year mortgages at low interest rates. Qualified buyers will also be able to receive assistance with down payments on their purchases. The initiative homes to encourage homeownership in Texas. With the current number of foreclosed properties in the San Antonio area, the initiative could not have come at a better time.
In March 2008, the Texas Foreclosure Prevention Task Force noted that the San Antonio area had 14 000 foreclosure properties, a significant amount of the 150 000 foreclosure homes across Texas. About half of homeowners facing foreclosures did not contact their lenders to discuss strategies to save their homes. In 2008, the Texas Foreclosure Prevention Task Force held workshops and seminars to help homeowners stop foreclosure. By 2009, the area was seeing some signs of recovery. Home sales in July 2009 increased by 9% when compared with July 2008 and prices remained somewhat stable. Despite this, the foreclosure market in San Antonio remained a buyers market and buyers looking at foreclosure listings were still faced with a wealth of choice.
Investors and buyers interested in foreclosures can take advantage of low prices and good selection of San Antonio foreclosed homes in 2009. With a $8,000 tax credit for first-time home buyers and a buyers market, the foreclosures market in San Antonio has much to offer buyers and investors. As the economy recovers, financial experts predict that home values in the area will increase, making earlier investments in local foreclosures good long-term assets.
by: Joseph Smith
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