With the real estate housing market looking better than ever before, many individuals have succeeded in overcoming housing struggles they faced in the past.
The public is looking into expanding its real estate investments, mortgage bills are being paid in a timely manner, and most importantly, foreclosure rates have declined significantly in the past couple of years. Foreclosure rates have seen an especially significant decrease, most notably in the Dallas, Texas area.
Dallas area foreclosure rates have declined year over year in the month of December. Additionally, foreclosure rates for the area of Dallas were much lower than the national foreclosure rate. Currently, the national foreclosure rate was 2.96 percent as of the month of December. The Dallas area’s foreclosure rate for the same period was 1.17 percent which decreased an additional 0.28 percent indicating that North Texas’ foreclosure rates continue to be lower than the national rates, year after year.
Vice President of RealtyTrac Daren Blomquist states that this is part of an ongoing trend of declining significant foreclosure rates in Texas. “Things are looking better in Texas as a whole,” Blomquist said, according to the Dallas Business Journal.
January was the eighth consecutive month of declining foreclosure activity year-over-year. This trend has been going on a while. “In addition to a significant decrease in Dallas’ foreclosure rates, the Dallas area mortgage delinquency rate has also decreased notably in the month of December. Mortgage loans in the North Texas area that were labeled 90 days or more delinquent dropped to 4.28 percent, compared with 5.1 percent year over year.Foreclosures can be avoided in the first place with proper planning and realistic expectations from the very beginning. If you are interested in learning more about how to choose a home loan that fits in your budget, please do not hesitate to contact us. We would be happy to share with you a variety of home loan options that suit your needs.
+Patrick Glaros empowers people to find their best home loan option. Through planning and education, and a goal-oriented approach, Patrick and the team at Dallas Mortgage Planners have one common goal: Help clients make an informed decision to choose the best home loan for their unique situation. Find other articles written by Patrick.
