Foreclosure Rates Continue Decline Across Texas

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Nice house with great lawnHomeowners in the Dallas and Erath County homes area continue to see foreclosure rates decline as the housing market starts bouncing back from recession-level soft demand. Foreclosure rates for the Dallas area have dropped 0.28 percent over the last year. They are now sitting at a comfortable 1.17 percent, which is much lower than the national average for foreclosures at 2.96 percent.

This has been the eighth consecutive month where the foreclosure rate has dropped in Texas, a trend unfortunately not shared by many states. This optimally means people looking to sell can do so at reasonable asking prices rather than have their homes taken due to high interest mortgage loans. The bad news is for people looking to purchase a home as the stronger market means more competition and more demand.

Those still locked into high-interest mortgage loans are having an easier time paying back their monthly bills, according to data gathered by the California-based statistics company CoreLogic. Mortgage payments that were 90 or more days overdue fell from 5.1 percent last year to the current 4.28 percent.

This can be attributed in part to the higher employment rates in the North Texas area, particularly in the Stephenville homes area. As more people secure higher paying jobs and start moving into new homes, negotiable interest rates on mortgage loans will continue to decline due to a stronger buyer’s market.

If you’re currently in the real estate market for a house, whether buying or renting, North Texas is arguably the best place to find a worthwhile investment. Since the market is smouldering at the moment, potential homeowners can find some mortgage loans with agreeable interest rates considering the demand is not high.

If the housing market does eventually explode, mortgage loans may increase as well depending on the relative sales values of other homes in the area. The best time to get a guided tour and fall in love with a home is right now.

For homebuyers looking for a real estate agent in the Stephenville homes area, please contact us. It would be our pleasure to assist you with your real estate needs.

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Cindy Carrell is an amazing realtor!