Real Estate News San Antonio Texas July 19, 2013

If you're looking to buy or sell a San Antonio, Texas, home, visit sanantoniohomequest.com for the best home selling advice and listings search engine capability.  

Now, here's the latest real estate news for San Antonio from the desk of Steven Gragg, Broker at Keller Williams Legacy.

Foreclosure postings are down overall.  August postings are down and, overall they are down year-to-date.  Jan-Aug in 2011 they were 10,273, in 2012 they were 9572 and 2013 they are 6210. This is a huge percentage drop from preceding years. Foreclosures are also down over 40% Texas wide from last year.

Mortgage news.   Mortgage rates dipped slightly this week to 4.37%.

Federal Reserve news.  The Fed stated this week that its timetable for reducing its bond purchases is not on a “pre-set course” and the Fed purchases could increase or decrease monthly as needed. The stock market liked his statement.

Banking news.  Bank of America reports a profit of $4 Billion in the second quarter.

San Antonio Apartment Living.  Apartment projects going on in San Antonio so far this year have started 3349 new units and currently there are a total of 9000 units in the works.  Average occupancy is 92.5%.  The average rent rate is 96 cents foot, up 4% over last year.

Home Building.  US home builder confidence and sales outlook is soaring.  In May, builder permits rose to the highest pace in 5 years.  Home starts are up 29% over last year.  Each home built creates and average of 3 jobs for a year and generates about $90,000 in tax revenue.  Builder traffic is at the highest level since 2005.

Steven Gragg, Broker, Keller Williams Legacy, San Antonio, Texas (210) 482-3200

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