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It seems there are alot of homes for sale in san antonio. Why?Are alot of people just moving away for jobs? |
Is the job market weak there,is it the area maybe not enough to do or maybe the summers are to much. http://www.breakingbubble.com/ The name says it all but the web site tell how they made the bubble Source(s): http://www.breakingbubble.com/ these are a result of people who normally would not be qualified for a home loan that got one under an exotic interest only where the payments are low, and now the 5 year mark has settle and the loan adjusted, so now the payments are higher and they cannot truly afford the house. the house was a bought at artificially high price due to cheap credit and lax lending rules, so then anyone could qualify for a house so they must sell or lose it in foreclosure it's also late speculators ( "flippers" ) who are in the same predicament and are trying to get out while they can but with so many homes on the market the price goes down and there comes a point where they either settle for less profit ( if at all ) or are actually owe more no the mortage than the property is currently worth and are upside down. check the are afor the foreclosure rate to confirm what i have said and you see default will be about 5 years from the date of the last sale on the properties, you also find out there is a high rate of interest only home bought in the area which translates ( for those who didn't or couldn't refi into a locked rate ) which will translate into a high foreclosure rate ( look at Detroit's mess which is further compunded by large auto layoffs, 1 in 8 houses over there is in foreclosure ) market is slow, |
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