In terms of properties under real estate home listings, Texas is considered to be in relatively better situation than other states such as Florida, California and even New Jersey. However, the quarter also saw the Lone Star state recording increased number of borrowers who are late in their loan payments.
Houston home foreclosures and foreclosed property numbers all around the state were pegged at 2.04% during the April-June 2010 period. The figure is considerably lower than the 4.77% rate in California and the New Jersey rate of 6.25%. In Florida, 14% of properties are under foreclosure for the quarter.
When compared with national averages, 0.7% of mortgage loans account for home foreclosures in Texas compared with the national average of 1.11% for the second quarter. However, the number of homeowners in the state who are late in their mortgage payments surged to 9.28% for the second quarter compared with the 8.77% recorded in the 2010 first quarter.
The total number of home foreclosures for sale for the auction date of September 7 was at 1,498. These include houses from the counties of Hays, Bastrop, Williamson and Travis. The figures were presented by the state local research firm, Foreclosure Listing Service.
The figures might have included repeat postings though, with lenders sometimes posting properties in foreclosed real estate home listings while negotiations with homeowners for alternative arrangements are still ongoing. FLS also reported that foreclosure postings for Dallas rose by 18%, while San Antonio postings surged by 37% during the quarter.
Nationally, some analysts believe that the housing market crisis has already reached its peak, with total number of mortgages under foreclosure declining during the 2010 second quarter, the first time that this has happened since 2006. According to the Mortgage Bankers Association, delinquency rates also dropped in the whole country during the period.
However, economists believe that any improvement in the housing market is likely temporary, as the whole nation is still battling recession and high unemployment rates. They also cited that the housing industry crisis has shifted from subprime loans to prime mortgage loans, wherein majority of the defaults are due to job loss.
They added that although the number of foreclosed properties under real estate home listings will likely continue to decline in some key areas, the country's housing market will still encounter problems until the job market attains a semblance of stability.
Search home foreclosures in Texas cities:
- San Antonio Home Foreclosures
- Dallas Home Foreclosures
- Fort Worth Home Foreclosures
- Austin Home Foreclosures
- Arlington Home Foreclosures
Related Posts:
- Home Foreclosure Listing for Central Texas Auction
- Central Texas Foreclosures Picking Up
- Texas Is Still One of the Best Places for Household Relocation
- North Texas Home Sellers Cutting Foreclosure Listing Prices
- Dallas Residential and Commercial Foreclosure Lists Attract Buyers
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