I just read a very positive article in the San Antonio Express News that showed a nice comparison between San Antonio’s housing market and the rest of the nation’s housing markets. In previous writings I’ve mentioned that I didn’t think that San Antonio would be hit as hard as the rest of the nation because of a unique combination of a few key market factors. The Express News mentioned the same factors:
· High employment rates (95% in comparison with % for the rest of the nation
· Population growth (expected to remain above 2% next year in comparison with a negative growth rate expected overall in the US)
· Better than average price appreciation (San Antonio experienced a 1% dip in October in comparison with October of 2007 while the nation experienced an average of 11.3%)
· Lower tax rates (attracting new businesses to move to the area and existing businesses to continue hiring new employees)
As a result of these factors, we haven’t been hit nearly as hard as the rest of the nation during the wide spread housing slump. David Kittle, Chairman of the Mortgage Banker’s Association, went on in the Express Article to call San Antonio, “the benchmark for the rest of the country in lending and building.” Not only are we doing better statistically with prices and population growth, we also have a dramatically lower percentage of growth in the number of foreclosures, 22.7% this year in comparison to 45% as the nation’s average. As a mortgage banker, I can assure you that I am doing my part to keep this number down by ensuring that I get my clients into loans that not only make it possible for them to purchase their dream home but, loan programs that will enable them to keep up with those payments for the life of the loan and, thus, stay in that dream home with comfort for many years to come.
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