Texas Foreclosures Slow

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Texas Foreclosures Slow

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The news for Texas homeowners is looking just a bit better.

While over 10% of Texas homeowners are behind in their mortgage payments the number of homes in foreclosure fell slightly in the fourth quarter of 2009 according to a study by the Mortgage Bankers Association.

Texas ranks well below national averages for homes in foreclosure with approximately 2 percent of home loans in foreclosure. And Texas is one of only seven states with a foreclosure rate at 2 percent or below.

However, analysts believe properties in the foreclosure process in 2009 may have slowed due to the various loan modification programs designed for distressed homeowners.

However, there could be a delayed reaction into 2010 if homeowners in the loan assistance pipeline fall out and wind up in foreclosure. But even with the overall slowing of foreclosures, filings remain high reaching 61,000 in North Texas alone last year.

Filings continue at record levels due to the number on non-prime (sub prime) loans issued throughout the state. Approximately 31 percent of Texas mortgages are sub prime loans while these same loans account for 22 percent of loans nationwide.

At the end of 2009 Texas mortgage holders who had missed at least one payment increased a full percentage point over 2008 to 10.3 percent. In Texas the overall rate of mortgage delinquency is very close to the national average of 10.44 percent.

Considering seasonal factors the national delinquency rate dropped slightly at the end of 2009. This decrease provided analysts with a spark of hope that the severity of the mortgage crisis may be behind us.

While borrowers who are behind in their payments increased year over year, Texas is better than most states ranking 18th in states with homeowners behind in their payments.

It is clear that across the country and in Texas there continue to be problems with mortgage loans. But, in Texas all indications are the situation is beginning to stabilize.

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Tags: • payments • home loans • mortgage loans • mortgage crisis • loan modification • mortgage bankers association • mortgage • foreclosures • texas • foreclosure rate • foreclosure process •

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