Number of Texans Behind on Mortgage Payments Decreases Significantly

The Mortgage Bankers Association recently announced that the number of Texan residents who were behind on their mortgage payments has decreased significantly in the fourth quarter of 2012. The number of Texan home owners who had missed at least one mortgage payment in the fourth quarter was 8.14 percent, a significant drop when compared to the 9.07 percent mortgage loan delinquency rate in Texas a year ago.

More good news on the Texan mortgage front concerning the state’s home loan performance rates—during the real estate housing crisis, the home loan delinquency rates were estimated to be 10.3 percent, a number reported during the worst of the recession in the fourth quarter of 2009. Nationwide and in Texas, home loan delinquency rates have fallen with the nationwide statistics dropping to 7.09 percent in the third quarter.

“We are seeing large improvements in mortgage performance nationally and in almost every state,” chief economist Jay Brinkmann is quoted as saying in the Mortgage Bankers Association report. “With fewer new delinquencies, the foreclosure start rate and foreclosure inventory rates continue to fall and are at their lowest levels since 2007 and 2008 respectively.”

Currently, Texas has the eighth-lowest home foreclosure rate in the country. Nationwide, a total of 3.74 percent of home loans were stated to be in foreclosure in the fourth quarter of the past year. The percentage of home loans in foreclosure in the Texas area was estimated to be 1.48 percent, which was a significant decrease from 1.78 percent in 2011. Additionally, the number of foreclosure rates is expected to decrease even more in the first quarter of this year.

“The foreclosure starts rate decreased by the largest amount ever in the Mortgage Bankers Association survey and now stands at half of its peak in 2009,” says Brinkmann.

If you are interested in learning about your home loan options or are thinking about buying a house in the Dallas area, please contact us or call today — 972-499-0454.  We’d love to help!