Texas Foreclosures Might Be Easing Off- By: John Cutts
A significant decline in the number of state homeowners who are delayed in paying their mortgages was recorded for the first quarter of 2010, leading market analysts to believe that the issue of Texas foreclosures is on its way to getting resolved.
According to the Mortgage Bankers Association, less than nine percent of homeowners in Texas have missed their mortgage payments during the first quarter of the current year. The decrease was considered significant when compared with the previous year’s fourth quarter number of 10.3%. Market observers have asserted that this could be a sign that foreclosed homes for sale will also decline in number.
Housing market and auction foreclosures statistics showed that less than two percent of mortgage borrowers in the state are 90 days or more behind in their payments. The numbers are very positive, particularly when compared with national statistics which showed that loan delinquency has risen by 10.06% during the same quarter.
Current reports also show that 2.08% of homeowners are facing Texas foreclosures for the quarter in focus. Nationwide, almost five percent of American homeowners are in foreclosure or in the last stages of getting their properties foreclosed.
The lower number of pre foreclosures recorded by Texas in the first quarter is attributed by economists to the economic recovery and growth of employment in the state. Texas has produced a strong performance compared with other states, with Nevada, Georgia and Mississippi remaining in double digits in terms delinquent loans.
On a narrower focus, another report showed that house sales prices in the city of Dallas, including bank owned houses, have risen by 3.54% during March 2010 compared with the same period of 2009. Dallas-Fort Worth foreclosure postings also declined in the last two months compared with the start of 2010.
Although loan delinquencies in the state are still higher than the first quarter of 2009, the significant decline in comparison with the 2009 fourth quarter has made real estate analysts optimistic that the problem of Texas foreclosures will soon ease off and the state’s housing market will be on its way to a real recovery.
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John Cutts has been educated in the finer points of the foreclosure market over 5 years.