Santa Barbara, CA --- February 17, 2011 --- New data on foreclosure listings in Bexar County, Texas has been analyzed and released by RealtyStore. Results of RealtyStore's study show foreclosures are priced at 39% below market median prices for Bexar County, including San Antonio, Texas. In addition, the median price of bank foreclosures in the area is considerably lower than government owned foreclosures owned and re-marketed by Fannie Mae / Freddie Mac.
"On a relative basis, Fannie Mae foreclosure inventory contains a significanlty higher quantity of higher priced foreclosures than any other REO seller in Bexar County," noted Peter Ranck, Vice President for RealtyStore. "When RealtyStore reviews countywide foreclosure listings data, it is more typical to find banks holding relatively more higher-end priced foreclosures. This is usually reflected in a higher median listed price for bank foreclosures. In Bexar County, we're seeing a different trend, with foreclosures for sale from Fannie Mae / Freddie Mac priced 27% above banks at the median."
Mr. Ranck continued, "It is also interesting to see that government foreclosures, including Fannie Mae / Freddie Mac, HUD homes and VA foreclosures, comprise 47% of all foreclosures listed for sale in the county. We generally see government sales in the area of 33% of any given county's foreclosure listings. The share of Bexar County listings of government owned foreclosures is considerably higher."
An analysis of pricing details revealed the market median price for homes for sale in Bexar County is $159,900. Foreclosure listings post a median list price of $97,200, or 39% below the overall market median. Median list prices vary by REO seller. HUD homes post the lowest median at $82,900, or 48% below the Bexar County market median price. Texas bank foreclosures in Bexar County show a median list price of $93,450, or 42% below market. VA foreclosures follow at $95,450, while Fannie Mae / Freddie Mac foreclosures listed for re-sale are priced at $118,900 at the median.
Real estate foreclosure listings in the area range from $14,900 for a 1,584 square foot, 3 bedroom, 2 bathroom single family bank owned home on Dumoulin Avenue in San Antonio TX, 78210. This home shows a tax assessment value of $61,080. The highest priced foreclosure in San Antonio is another bank owned home on Bishops Green, San Antonio TX, 78257 listed at $2,049,000. This 2-story, Mediterranean styled mansion, called The Chateaux, boasts 5 bedrooms, 6.5 baths in 8,500 square feet of living space, featuring sweeping golf course views, wine room and fully equipped outdoor kitchens at poolside.
Notes and definitions:
RealtyStore County Foreclosure Trends studies provide the total number of REO foreclosure properties with a recording date on or before the date of this release. REO properties have completed the foreclosure process and have been repossessed by a bank, lending institution or government sponsored loan guarantor such as Fannie Mae, Freddie Mac, HUD or the VA. REO title holders, inventory counts and prices in any area can vary at any time. REO counts and prices are accessed through RealtyStore’s proprietary database which is derived through hundreds of public and private data providers. Local housing market data is derived from third party and public records offices.
Median price is the price point where one-half of home listings are priced above and one-half listed below the price.
REO is an abbreviation for Real-Estate-Owned. These are houses, condominiums, townhomes or land which completed the foreclosure process, having title fully assumed by a lending institution, bank or a government sponsored enterprise (GSE) such as the VA, Fannie Mae / Freddie Mac or HUD.
Foreclosure listing is used to define an individual REO which is listed for re-sale with a published, public for-sale price.
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