Roof could cave in on San Antonio housing market, study warns
A new study indicates the Alamo City could be poised for a housing crisis.
Published January 25 by GOBankingRates.com, the study puts San Antonio among 40 U.S. cities that could be facing a faltering housing market, one largely triggered by "pandemic-related disruptions."
"Although today’s housing market is largely hot, experts are bracing for a wave of evictions triggered by pandemic-related disruptions," the study says. "That, they fear, could be the catalyst for a different kind of housing crisis that could rival even the dreariest days of the Great Recession — all with COVID-19 still far from contained."
For its study, GOBankingRates combed through data from the U.S. Census Bureau, Consumer Financial Protection Bureau, and RealtyTrac and examined factors such as mortgage delinquencies, foreclosures, and homeowner and rental vacancy rates.
The study found 3.6 percent of mortgages in San Antonio were 30 to 89 days delinquent, and 1 percent were at least 90 days delinquent. The foreclosure rate is one in every 8,142 homes, and the homeowner vacancy rate is 1.9 percent.
San Antonio is among seven Texas cities that made the GOBankingRates list along with Corpus Christi, Killeen, Amarillo, El Paso, Brownsville, and Laredo.
San Antonio’s appearance in the study contrasts with the success of the local housing market in 2020. In the San Antonio area, home sales went up 11 percent last year compared with 2019, according to the San Antonio Board of Realtors. The city is also among one of the country's most popular places for millennial homebuyers and is increasingly heralded as a top city for tech companies looking to relocate from the East and West coasts.
“With all that 2020 brought us locally, regionally, nationwide, and worldwide, the end-of-year data certainly showed us continued growth of the housing market,” Cher Miculka, SABOR's 2021 chairwoman, says in a release. “Bexar County did especially well, with 27,855 homes sold. Our city and surrounding areas are attractive places to own a home, both for locals and for transplants, and the numbers prove it.”