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FEWER BEXAR COUNTY PROPERTIES UP FOR AUCTION

by admin on August 24, 2011

SAN ANTONIO (San Antonio Express-News) – Fewer Bexar County properties could be up for auction next month than a year ago, reports RexReport.com.

According to the local foreclosure tracking company, lenders could close on 1,286 area properties in September. That’s down 17 percent from last September.

While it’s tempting to view the drop as indication of an economic upswing, Real Estate Center Research Economist Dr. Jim Gaines said it may have more to do with lenders taking more time to properly complete foreclosure documents. Last fall, some financial institutions faced allegations of “robo-signing” paperwork without verifying information.

“Foreclosure numbers are down everywhere because of the procedural stuff with institutions,” Gaines said. “We expect a splurge at some point.”

So far this year, 11,328 area properties have been posted for foreclosure, a 10.4 percent drop from the same period last year.

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