January 1st is Auction Day

Banks will be closed on January 1st, 2013 for New Year’s Day.  The 1st is also the first Tuesday of the month and will be private lender auction day throughout Texas.  All Sheriff Sales are expected to be cancelled.  Remember to acquire your Cashier’s checks before Tuesday!

Two Small Months

Postings are lower than usual for the December and January reports.  December postings were 863 for Bexar and 744 for January.  The last time they were this low was January 2008.

This is good news for Real Estate Foreclosures, the Real Estate market for home-sellers and even those of us who buy low to sell high.  While we can’t be sure banks are not holding onto non-performing notes, or that Washington doesn’t have more economic torture devices ahead, all indications are that foreclosures have gone down substantialy and may stay below 900 in Bexar and 450 in Travis for the next year.  Homesellers are seeing homes sell faster and for more money.  Investors who buy to sell are both buyers and sellers, so volitility is more important than the direction of the market.  Real Estate Foreclosures is seeing operating costs come down, since we have fewer notices to research.  The year’s average was 1172 after November, which month had a spike at 1310.  I recall my stress when trying to explain to media that 2013 still looked to be a smaller year than this one and to explain November’s spike.

Attorney Steve Davis defects to Austin

Was it the bike trails, the number of non-Mexican food restaurants?  The wierdness?  For whatever reason–he told me it was business–he moved there; Austinites are fortunate to have another good Real Estate attorney.  Steve also works with Providence Title to provide a wide range of Title service over a large swath of Texas. 1 512 582 8194.

Good Deals

After talking to a number of people there still seems to be misapprehension about the deals that are available at the auctions.  One broker was trying to convence me that there were few deals at the action in Bexar!  Another investor from out of state did a little research–not knowing about our useful Sold Report which lists what sold to whom and the opening and final bids.  His research showed the following for the November 6th auctions in San Antonio; I have not given the names of the buyers:

November Third Party Purchases

#Prop

Total purchase

Total Value

LTV

$/Sqft

24

$2,244,000

$3,138,000

71%

$46,000

6

362,000

635,000

57

39,000

3

68,000

195,000

35

19,000

2

205,000

275,000

75

58,000

1

30,000

95,000

32

12,500

1

16,000

57,000

28

18,000

1

74,000

122,000

61

40,000

There were 14 other purchases of one property each similar to the above.  Excluding American Homes for Rent, which is the 24 property purchaser, there were 28 good deals to be had recently.  This does not include properties he missed seeing.  Not bad.  Not bad at all.

Important Dates

Bexar and Travis Books come out on January 16th for the February 5th auction.  Other counties come out one day later.  Webb County comes out on the 19th.