Bexar County Foreclosures for Sale

The Foreclosure Listing Service Inc has just released its figures for the first quarter of 2009 and it shows record levels of foreclosures in Bexar County. The company has been tracking foreclosure data in Texas since 1963 and these are the highest numbers on record since that time. It is shocking news for residents who are desperately hoping to see the numbers falling. The climate across the county is one of concern and disquiet as the number of boarded up homes in every community becomes more prevalent.

The first three foreclosure auctions of 2009 have seen 3,447 listings which is way higher than the previously reported high of 3,000. Disturbingly this is the seventh straight year that figures in the first quarter have risen across the County.

January saw 1,081 homes up for foreclosure auction in Bexar County, and in February the figure climbed again to 1,261. The third month, March sees a further 1,105 foreclosure homes for sale. The figures themselves are large enough for anyone to comprehend but the community impact is greater still. Each homeowner living on a street with foreclosed properties can expect a significant reduction in the value of their own home despite it not being up for foreclosure.

Simply put, this crisis is affecting everyone. It is difficult to find anyone in Bexar County that will tell you they feel entirely secure in their workplace with so many job losses being announced on an almost daily basis. There are very few people who haven’t spoken to someone at the sharp end of repossession and foreclosure, so the general atmosphere is an unpleasant one.

The residents of Bexar County watch the news announcements of federal government initiatives that promise to stem the flow of repossessions but the evidence they see in their neighbourhoods is more and more properties being abandoned, not fewer. The climate is one of hunkering down and cutting back where possible, hoping the crisis doesn’t reach your doorstep. Not everyone is that fortunate of course, and for many the problems arise totally out of their control.

There have been many unexpected and widely publicised job losses in the County, for hardworking people whose companies simply have been unable to survive the global economic downturn. Billions of dollars have been promised in government bail out packages but they seem to be affecting the banks and not the ordinary hardworking homeowner at least that is the impression on the streets of Bexar County.

Just when people think that the figures for next month’s inevitable auctions could not be any higher, of course they are. All eyes are keenly watching President Obama and his next move, but no-one really believes there is going to be a solution soon, with observers predicting more of the same for possibly even the rest of 2009.