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Old 08-20-2012, 08:02 AM
 
258 posts, read 324,526 times
Reputation: 120

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Housing market is out of the basement - San Antonio Express-News

Houston: 20,134
Dallas: 14,119
Phoenix: 8,428
SA: 7,222
Austin: 6,532

Looks like the market is looking better and like it was six years ago. Texas dominates!

 
Old 08-20-2012, 09:53 AM
 
Location: San Antonio, TX
993 posts, read 2,494,892 times
Reputation: 309
Winning?
 
Old 08-20-2012, 10:07 AM
 
106 posts, read 153,279 times
Reputation: 126
Jeff, I don't know what business you are in, but I'm in bank management. I can tell you 100% that San Antonio's housing market, while better than lots, is NOT out of the basement. There are tons of shadow inventory homes we are holding back (and I'm not at a mega-bank). As each of these are released and sold, the surrounding homes suffer, which pushes people underwater. I've read alot of your posts and from what I see you are a renter in an apartment, so I'm not sure how much housing experience you have. We also have many mortgage holders who are trying to short-sale as they are tired of being landlords. I don't thinks will really turn around for a few more years.
 
Old 08-20-2012, 10:58 AM
 
2,295 posts, read 2,374,773 times
Reputation: 2668
Quote:
Originally Posted by blaircedarbank View Post
Jeff, I don't know what business you are in, but I'm in bank management. I can tell you 100% that San Antonio's housing market, while better than lots, is NOT out of the basement. There are tons of shadow inventory homes we are holding back (and I'm not at a mega-bank). As each of these are released and sold, the surrounding homes suffer, which pushes people underwater. I've read alot of your posts and from what I see you are a renter in an apartment, so I'm not sure how much housing experience you have. We also have many mortgage holders who are trying to short-sale as they are tired of being landlords. I don't thinks will really turn around for a few more years.
At least it is an improvement from the 2008 meltdown. We are much better off than the Midwest. I have family there, and it is still ugly. Especially in the more upscale neighborhoods. Homes have lost over 50% of the values owners paid.

The market seems to be moving here, plenty of new places going up, established homes seem to be selling at a reasonable rate, for at least even money.
 
Old 08-20-2012, 11:05 AM
 
4,145 posts, read 10,442,698 times
Reputation: 3339
Quote:
Originally Posted by blaircedarbank View Post
Jeff, I don't know what business you are in, but I'm in bank management. I can tell you 100% that San Antonio's housing market, while better than lots, is NOT out of the basement. There are tons of shadow inventory homes we are holding back (and I'm not at a mega-bank). As each of these are released and sold, the surrounding homes suffer, which pushes people underwater. I've read alot of your posts and from what I see you are a renter in an apartment, so I'm not sure how much housing experience you have. We also have many mortgage holders who are trying to short-sale as they are tired of being landlords. I don't thinks will really turn around for a few more years.
Every single bank in every single city has shadow inventory, so when you release it, everyone else will be too. By comparison, we'll still be one of the strongest.

We've got a long way to go as a country, but what I can tell you (from MY experience in the trenches every day), is that we are looking a lot better. Homes are selling, and if priced correctly, they're selling very fast.

We're definitely not in an ideal market. Nobody is. But we're still looking DARN good. And with rates where they are, and inflation coming (quick), now is a pretty solid time to buy and at least get a low rate. Inflation is coming down the pike very fast.
 
Old 08-20-2012, 11:06 AM
 
258 posts, read 324,526 times
Reputation: 120
Quote:
Originally Posted by blaircedarbank View Post
Jeff, I don't know what business you are in, but I'm in bank management. I can tell you 100% that San Antonio's housing market, while better than lots, is NOT out of the basement. There are tons of shadow inventory homes we are holding back (and I'm not at a mega-bank). As each of these are released and sold, the surrounding homes suffer, which pushes people underwater. I've read alot of your posts and from what I see you are a renter in an apartment, so I'm not sure how much housing experience you have. We also have many mortgage holders who are trying to short-sale as they are tired of being landlords. I don't thinks will really turn around for a few more years.
I am a renter and home owner actually...I have friends who are brokers and realtors (this doesn't matter). I simply posted the article to show how housing is improving here in SA. These numbers compare to all U.S. housing markets...SA is 4th busiest as you can see and read.

My home is over near the Stone Oak area and I am seeing new development. Also I live near the Rim currently and am seeing new homes going up on the same side of Eilan.

Last edited by BstYet2Be; 08-20-2012 at 06:22 PM.. Reason: merged consecutive posts by same OP
 
Old 08-20-2012, 12:03 PM
 
106 posts, read 153,279 times
Reputation: 126
There are two things I will comment on regarding the last few posts, then I'm done. I don't need to argue because I SEE what the market is from the mortgage side. First, "busiest" can mean many things. You cannot have a healthy housing market if it's only NEW housing selling. There are many mortgaged homeowners who bought in 2005-08 who would LOVE to sell and can't because they find out after looking at comps they are underwater. This brings me to my second point: Kev, sure houses will sell if they are at the right price. The problem is the "right" price may force a seller to bring cash, which many are just unwilling to do. This is why we see so many rentals. I know my own neighborhood has many more than even last summer. Having bought here in 2008 and planning to sell in 2014, I can see I'll be lucky to break even myself.
 
Old 08-20-2012, 12:15 PM
 
6,707 posts, read 8,803,757 times
Reputation: 4876
Quote:
Originally Posted by blaircedarbank View Post
There are two things I will comment on regarding the last few posts, then I'm done. I don't need to argue because I SEE what the market is from the mortgage side. First, "busiest" can mean many things. You cannot have a healthy housing market if it's only NEW housing selling. There are many mortgaged homeowners who bought in 2005-08 who would LOVE to sell and can't because they find out after looking at comps they are underwater. This brings me to my second point: Kev, sure houses will sell if they are at the right price. The problem is the "right" price may force a seller to bring cash, which many are just unwilling to do. This is why we see so many rentals. I know my own neighborhood has many more than even last summer. Having bought here in 2008 and planning to sell in 2014, I can see I'll be lucky to break even myself.
I mean no disrepsect here but....

Generally speaking, anyone who is in the business of selling a luxury home is not going to feel as much pain as those selling in the middle to lower class do. A lot of luxury homes are not mortgaged and usually paid in full, therefore are usually sold to buyers that will also pay cash upfront as well. There will never be a shortage of buyers in the luxury home market.

If a home is 2+ million dollars, it makes no sense to me to mortgage it unless you are being stupid living beyond your own means. Just my two cents.
 
Old 08-20-2012, 12:28 PM
 
106 posts, read 153,279 times
Reputation: 126
Pardon me, then, because I had no idea were speaking of only luxury home sales. I thought we were discussing the SA market as a whole. I will tell you, though, that we service many high dollar homeowners with mortgages and several that will foreclose before the year ends (the back-lash from easy lending and creative financing, again).
 
Old 08-20-2012, 12:41 PM
 
6,707 posts, read 8,803,757 times
Reputation: 4876
Quote:
Originally Posted by blaircedarbank View Post
Pardon me, then, because I had no idea were speaking of only luxury home sales. I thought we were discussing the SA market as a whole. I will tell you, though, that we service many high dollar homeowners with mortgages and several that will foreclose before the year ends (the back-lash from easy lending and creative financing, again).
Please explain to me why a bank would fianance a home valued over 1 million for example? Do you issue rates like 0.01% or what?

I am just curious for input from a banker.
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