Your update and what's trending now

1. Fewer Bexar County properties up for Foreclosure in September.  Down 17% from last year.  YTD foreclosures in Bexar County are down 10%.  Foreclosure numbers are down everywhere because of procedural changes with institutions, so we will have to wait to see if they are really down or if they will catch up as the new procedures start to take place.
2. Ocwen which services 460,000 loans and is acquiring 250,000 more next month have started a Pilot loan-modification program that has worked very well.  The program works like this if you are underwater on your loan and cannot make the payments…Your loan is reduced to 5% below the current appraised value…your loan payments are then reduced to match the new loan balance…then over the next 3 years they write off the reductions.  In exchange for two things, stay current on the loan and agree to share 25% of the future gain on the house sale.
3. New FHA loan limits for Bexar County that go into effect Oct. 1^st are $287,500.  You must have final loan approval by 9-30-2011 for the old loan limits.
4. SA Real Estate is ‘lumbering’, Volume is up vs. July 2010, but median price is down.  July 2010 median price $163,600, this year $157,000, down 4%.  Total sales for July 2011 up 11% over last year.  Average sales price $194,408 a 6% decrease from last year.
5. Halliburton who purchased 150 acres at 1604 & 37 is possibly shopping for a “supersite” to service the Eagle Ford area.  They are looking to employ 100’s in the SA area.