Home / News / Foreclosure / Foreclosure Numbers Continue to Drop in Texas
Print This Post Print This Post

Foreclosure Numbers Continue to Drop in Texas

Residential mortgage foreclosure rates continue to fall in Texas, dropping to 1.89 percent during the first quarter of 2011 -- well below the national average of 4.52 percent. The Lone Star State now has the sixth lowest foreclosure rate in the country.
[IMAGE] [COLUMN_BREAK]

""These numbers continue to provide evidence that Texas has the best lending landscape in the entire country,"" said Scott Norman, president of the ""Texas Mortgage Bankers Association"":http://www.texasmba.org. ""The continual and sizable reduction in the foreclosure rate is a material sign that the worst is behind us in Texas.""

Loan delinquencies also fell. The local mortgage bankers' group reports that delinquency rate in Texas is 7.91 percent for all loans, its lowest level in more than two years.

The state's percentage of loans 90 days or more delinquent, a strong indicator for future foreclosures, fell below 3 percent for the first time in nearly two years.

Texas has the lowest foreclosure rate of the largest 30 states in the country, according to the Texas Mortgage Bankers Association.

About Author: Heather Cernoch

x

Check Also

Residential Real Estate on “Shaky Ground”

Is the current real estate market recovery just an illusion? In this Video Spotlight, find out why this real estate expert says that the housing market is likely to get worse.

GET YOUR DAILY DOSE OF DS NEWS

Featuring daily updates on foreclosure, REO, and the secondary market, DS News has the timely and relevant content you need to stay at the top of your game. Get each day’s most important default servicing news and market information delivered directly to your inbox, complimentary, when you subscribe.