Fort Worth-Arlington Mortgage Delinquencies Are on the Decline

The Fort Worth-Arlington area has seen some amazing real estate trends in 2013, and while many recognize those trends as pertaining to Arlington and Fort Worth home sales, it should also be mentioned that area homeowners are having much better luck when it comes to paying off their Arlington and Fort Worth mortgage loans in a timely fashion.  This information comes in light of a recent report from real estate tracker RealtyTrac, and the results should be welcome news to the Fort Worth-Arlington area economy.

According to the RealtyTrac report, which covered foreclosure filings and mortgage delinquency rates in the Fort Worth-Arlington area through the end of May, the amount of homeowners that were 90 days late or more on their mortgage payments was at 4.12 percent, which was down by .85 percent from the same time in 2012. This was down essentially a full percentage point (.99 percent, to be exact) from the same time two years ago in May of 2011.

Also coming in at 4.12 percent was the amount of foreclosure filings among all Fort Worth-Arlington area homes in May, which was also a positive sign in terms of the local homeowners economy, seeing as area foreclosure filings were up to 4.97 percent a year ago in May of 2012. While the Fort Worth-Arlington foreclosure rate was slightly higher than the Texas foreclosure rate as whole, which came in at 3.51 percent for May, it was better than the national average of 5.63 percent for the same time period.

In other but related news, contracts for construction in the North Texas area were up in May. With $719.2 million in residential contracts, the market saw a year-over-year contract gain of 15 percent for the month of May, pointing to a thriving Texas real estate market and local economy. These trends were also in line with the $2.3 billion that had occurred in area construction for the first five months of 2013, up from $2.1 billion for the first five months of 2012.

Would you like to hear more about Fort Worth and Dallas mortgage plans? Please contact our team of Dallas mortgage professionals, as we would be pleased to assist you with all your Dallas mortgage needs.