Residential properties under Freddie Mac home listings and bank foreclosure listings are expected to increase in number before the year ends as the loan delinquency rates of majority of U.S. metro areas continue to rise.
However, Austin foreclosure listings might not face the same problem as most metro areas are projected to face since the city has the lowest rate of delinquency for March 2010. Delinquent loans in March that remained unresolved are most likely to have been included in foreclosure numbers by now.
Foreclosure listings in Texas remain a major concern, but the state is doing relatively better than other regions of the U.S. In terms of metro areas, Austin is in a better position than other major cities, with 4.4% of the Texas metro's mortgages considered as delinquent as of March 2010. When compared with the same period of 2009, Austin's delinquency rate recorded a 1.3% jump.
The last comprehensive mortgage delinquency data gathered for the year showed that listing of home foreclosures in most metro areas in the U.S. will have grown by now if March delinquency rates are to be used as predictive factor. Delinquency numbers showed that one borrower out of 10 in the top 100 metro areas of the U.S. are past their payment due dates.
According to housing market analysts, the delinquency data showed that bank foreclosures and properties under Freddie Mac home listings will continue to rise until the early part of next year at least. The delinquency report was presented by the Center for Housing Policy, the Urban Institute and the Local Initiatives Support Corp.
Reports on mortgage delinquencies also reveal that metro regions with the highest residential property prices compared with local income range are the most likely to have the highest mortgage delinquency totals. Other factors that have been identified to have contributed to the rise of delinquencies are unemployment, declining property values and density of subprime loans issued between the 2004 and 2006 period.
Given these delinquency data reports, analysts have stated that this supports earlier predictions that bank foreclosures, Freddie Mac home listings and other types of distressed properties will continue to hammer the country's housing market until at least the first quarter of 2011.
John Cutts has been educated in the finer points of the foreclosure market over 5 years.
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