Texas Home Mortgage Payments Keep in Good Standing
Texas home mortgage borrowers are keeping in the clear with their mortgage debts, according to newly acquired data from the Mortgage Bankers Association (MBA). Homeowners are maintaining monthly payments without delinquencies, compared to previous months, which is a good indication of the economic climate of the state.
During the first three months of the 2012 year, MBA found that only 7.26 percent of Texas mortgage payments were late by at least one month’s payment cycle. This is a noted improvement over 2011 numbers where delinquencies were closer to 8 percent.
Texas Mortgage Payments Better Than National Average
Clearly, Texans have their financial ducks in a row based on their positive start in the first quarter of the year. In addition to the year-over-year improvement with Texas mortgage payments being made on time, the Texas home mortgage repayment data actually ranks better than the national average.
The report shared that the current national average for delinquent mortgage payments were at 7.4 percent. While the disparity may seem small to some, this data gives many Texas home mortgage holders a reason to be proud.
Texas Home Mortgage Foreclosures Lower than U.S.
In keeping up with this positive momentum, MBA reported that Texas home mortgage foreclosure starts are still fairing well at 1.91 percent of Texas home loans — up from 2011 foreclosure starts of 1.89 percent.
Despite this mild increase in foreclosure starts, which is a product of backlogged foreclosures clearing through the pipeline, the state of Texas was still well below the 2012 national foreclosure percentage rate of 4.39 percent.
It’s evident that the recent improvement within the Texas housing market is undoubtedly a positive note, but many homeowners and residents of Texas are still hoping for prosperous market, rather than a housing market that is simply inching toward normal.