Texas is Doing Better than the Nation in Foreclosure
According to the Mortgage and Bankers Association mortgage delinquency survey Texas is faring better than the rest of the nation in actual foreclosures. "Texas’ seriously delinquent loans stood at 5.2 percent versus 8.7 percent of loans nationally," said Real Estate Center Research Economist Dr. Jim Gaines. Loans that are considered to be "seriously delinquent" are 90 or more days past due or in the process of foreclosure.
In the third quarter of 2010 foreclosure was started on 0.85 percent of all loans in Texas while nationally, that number was 1.34 percent.
The percentage of loans in foreclosure in Texas at the end of the quarter was 1.8 percent, compared with 4.4 percent nationally.
According to Gaines, "Texas delinquent loans have picked up, but third quarter 2010 total delinquencies were down nearly 2 percent from the previous year," Gaines said. "Both the United States and Texas are running at around 9.5 percent delinquency on all loans."
Source: Texas A&M University RECON , Mortgage Bankers Association Washington, D.C.