Dallas Area Sees Decreased Mortgage Delinquencies and Foreclosures
It’s no secret that Dallas-area real estate has been performing extremely well in 2013. Fortunately for most Dallas area residents and Dallas mortgage loan holders is that the success seems to be having a ripple effect within the local economy. A recent report released by real estate and mortgage analytics company CoreLogic showed that Dallas homes and homes in the surrounding Dallas-Fort Worth area are seeing much lower foreclosure rates and late payments on mortgages in recent months and years. This is as sure a sign as any that along with the real estate market, the local economy seems to be regaining its feet and recovering from the worst of the recession.
CoreLogic’s recent report saw Dallas-area homeowners as having the lowest mortgage delinquency rate since the recession began around 2008, with only 3.75 percent of homeowners 90 days late or more on a mortgage payment. The data gathered also saw that this decrease was one whole percentage point better than in May of 2012, and a vast improvement from the beginning of 2010 when more than 6 percent of those with Dallas homes or homes in the surrounding area were seen as delinquent on their mortgage payments.
Another trend that was positive for those with Dallas-area mortgage loans is that the area’s delinquency rate of 3.75 percent is 1.88 percentage points better than the national average of 5.63 percent.
In terms of foreclosure, CoreLogic saw homes in the Dallas area as having extremely low foreclosure rates in comparison with both previous years and the rest of the national real estate market. The Dallas area’s foreclosure rate of 1.21 percent was down from 1.63 percent at the same time a year ago, and was also more than twice as low as the national rate for foreclosures in May, which came in at 2.61 percent. All in all, foreclosure filings in North Texas have decreased by more than 40 percent year-over-year.
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