Texas Foreclosures Drop—Let's Continue This Trend
Encouraging new stats about foreclosures across Texas are out this week, and we think they highlight an important point about our role in the recovery from the housing crisis.
According to the Dallas Business Journal :
Two percent of Texas home loans were in the foreclosure process at the end of 2009, compared with a national rate of 4.58 percent, according to new data from the Mortgage Bankers Association.
The number of Texas home loans classified as delinquent — at least one payment past due, but not in foreclosure — increased to 10.3 percent, up about a half-percent from the third quarter of 2009, according to the association. Nationally, the delinquency rate declined 17 basis points to 9.47 percent.
But the more telling figure is a decline in the number of home loans 30-60 days delinquent in Texas and nationally, according to Scott Norman, vice president of the Texas Mortgage Bankers Association .
Those declines aren’t typical at this time of year, when holiday season spending typically means more borrowers miss a payment.
“This shows a significantly improved housing market, even from 90 days ago,” he said
Why does this matter to us? We believe that lenders are going to play a pivotal role in our country’s overall recovery, because good home lenders are concerned about their customers’ futures. Our approach is to invest in you, the customer, and to spend as much time and effort with you as is needed in order to find you the best possible mortgage fit, both now and down the road. Foreclosures hurt everyone, and we’ll work tirelessly to make sure you don’t end up in having facing that kind of life-altering event.
We’ll explore with you the lessons of why many homeowners got into trouble, and help you understand and plan for potential unexpected costs in the future. If every lender did this, we’d avoid many of the mistakes of the past that helped lead to the housing crisis.
It’s good for you. It’s good for us. It’s good for the country. And so far, it looks like we might be starting to emerge as a stronger homeowner nation.
Contact one of our home loan experts to get the process started.