Dallas-Area Mortgage Payment Delinquencies and Foreclosures Are Dropping
In an upbeat report that parallels the vast housing recovery that has been seen both nationwide and in the greater Dallas area in 2013, a recent article from The Dallas Morning News reported that both mortgage payment delinquencies and foreclosure rates are dropping for Dallas-area homeowners. These trends could be symptomatic of several things, including government streamline refinancing programs for underwater borrowers like the Home Affordable Refinancing Act (HARP), and also the fact that the economy as a whole is strengthening as a side-effect of the housing market uptick, leading to more financial opportunities for the American workforce. Here are the specifics of what the aforementioned report entails:
Mortgage-Payment Delinquencies Dropping
Real estate analytics company CoreLogic reported in recent findings that while 4.75 percent of all Dallas-area homeowners were behind on their mortgage payments in April of 2012, only 3.83 percent of this data pool were behind on mortgage payments at the same time this year, representing an almost one percent drop in the number of Dallas-area delinquent mortgages. What’s more, the April 2013 data marked the first time since the recession began that Dallas mortgage delinquency rates have been below 4 percent. And the numbers look even better when compared with the national delinquency rate as recorded in that study, which comes in at 5.76 percent.
Foreclosure Rates Dropping
The same CoreLogic study found that Dallas foreclosure rates had dropped year-over-year from April 2012 to April 2013 as well. In contrast with last year’s rate of 1.65 percent at that time, this year’s rate had dropped to 1.21 percent. These numbers also come in light of an attached report by The Dallas Morning News that saw foreclosure filings down forty percent in the Dallas-Fort Worth area in comparison with where they were at for the first six months of 2012.
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