Dallas Foreclosures in Steady Decline
Home buyers and sellers alike can rejoice in the fact that the real estate market continues to improve. Gone are the days of the housing market crash where properties and homes were extremely difficult to sell and foreclosure rates were at an all-time high. Home and property foreclosure rates have been steadily declining over the past couple of years, and the Texas area is one of the areas where a decrease has been extremely significant. According to bizjournals.com, the Dallas, Texas area has been seeing a steady decrease in foreclosure figures since January of 2013.
The number of foreclosures in the Dallas area was found to be significantly below the foreclosure rates for the nation, according to statistics gathered by Irvine, California-based CoreLogic. The Dallas-Plano-Irving area’s foreclosure rates were found to have declined to 1.25 percent, a decrease of 0.31 percentage points in the month of January alone.
Overall, the North Texas area saw a foreclosure rate of 1.17 percent in January, a figure significantly lower than what was found for the national foreclosure rate which was 2.90 in January, according to bizjournals.com. Additionally, the Texas area has also seen a decrease in the mortgage delinquency rate with rates decreasing from 5.16 percent to 4.28 percent in January. Delinquency rates are usually determined by factoring in mortgage loans that are past due by 90 days or more. The lowered foreclosure rates and delinquent mortgage rates is a great sign for the Texas area housing market.
If you are interested in learning more information about loan opportunities in Dallas and its surrounding areas, please give us a call. We’d be delighted to share all the mortgage options that might help you in your quest to find a home.