Foreclosure Increase Slightly for Year - October Foreclosures Decrease!

Delinquent mortgages have led to a total 7,525 foreclosure filings over the course of this year in Bexar County, according to the latest report released by Foreclosure Listing Service Inc. (FLS).
The data is based on filings for real estate properties that are to be auctioned off on the steps of the Bexar County Courthouse. The figures are current as of Sept. 11, which was the deadline for filing foreclosure notices for the Oct. 2 auction.
The year-to-date figure of 7,525 filings marks only a 4 percent increase from the 7,235 foreclosure filings posted over the same period last year, the FLS report states.
The foreclosure filings encompass all types of real estate assets, including residential and commercial properties, vacant land and vacant residential lots.
As for what is on the plate at the October Bexar County auction, a total of 726 foreclosures filings have been posted for the upcoming event -- a 2 percent drop from the 711 filings posted for the October 2006 auction.
In the metropolitan area, FLS reports that there were 796 foreclosure filings for the upcoming October auction. That figure marks a 2 percent decrease from the 809 postings for the October 2006 auction, FLS adds.
The San Antonio metropolitan figures include foreclosures in three counties -- Bexar, Comal and Guadalupe. October 2006 figures for the three-county region were not available.
Carving out figures for residential foreclosures for Bexar County, a total of 641 postings were filed for the upcoming October auction -- virtually unchanged from the 639 postings reported last year.
For the San Antnonio metropolitan area, a total of 697 residential postings were recorded for the October auction -- down 1 percent from the 701 filings last year, FLS reports.
While any sign of a slowdown in the foreclosure rate is welcome news, San Antonio may not be out of the woods yet, according to FLS President George Roddy Sr.
"In San Antonio, the foreclosure pace may be slowing for a moment, but the road is still very long," says Roddy, who points out that, on average, the mortgages being foreclosed on now date back to mid-2002.
"So without even considering the subprime factor in this equation, a tremendous amount of financing and refinancing has taken place during the last five years," Roddy continues. "That's a strong indicator that we will be dealing with this fall-out for at least four or five more years in San Antonio, if not longer."