KLUP SABJ News Feature 3/26/08 Sub Prime Lending Affect on San Antonio

S.A. lenders say city, state positioned to weather subprime storm. John Thurman of Heart of Texas Realty here with today's San Antonio Business Journal News Feature. Business Journal writer Tamarind Phinisee reported. Foreclosure rates on loans in Texas went up slightly this past year, but at a much slower clip than the national rate, according to the Mortgage Bankers Association's latest national delinquency survey. The Washington, D.C.-based industry organization's survey shows that Texas' foreclosure rate rose from 1.24 percent in the fourth quarter of 2006 to 1.36 percent in the fourth quarter of 2007. The U.S. foreclosure rate over that same period increased from 1.19 percent to 2.04 percent. The story was the same for the subprime loan market. A subprime loan is one that is offered at a higher interest rate to borrowers who have nicks in their credit history. Subprime foreclosure rates for the fourth quarter of 2007 came in at 5.28 percent for Texas and 8.65 percent for the United States overall. This represented an increase over the fourth-quarter 2006 subprime foreclosure rates of 4.32 percent for Texas and 4.53 percent nationwide. For San Antonio area homes and real estate, call John Thurman of Heart of Texas Realty."