The rate of delinquencies and foreclosures has fallen once again throughout Texas. According to the latest figures, residential mortgage foreclosures fell during the first three months of 2011, to a new low of just 1.89%.
With the national average hovering at 4.52%, this puts Texas’ foreclosure rate as the 6th lowest in the country, and bottom of the 30 largest states in the US.
Additionally, loan delinquency rates are also reported to have fallen throughout the state. At just 7.91%, the Texas delinquency rate is at its lowest point in more than two years. Interestingly, the 90+ days delinquent number, which is a strong predictor of foreclosure numbers in the future, has fallen to 2.8%, the first time it has dipped under 3% in almost two years.
“These figures are continuing evidence that the best place to lend is right here in Texas,” announced Texas Mortgage Bankers Association President Scott Norman. “The worst is clearly behind us here, as evidenced by the continuing foreclosure rate reductions.”
The Texas Mortgage Bankers Association is a leader in industry and legislative education. Founded in 1917, their goal is to promote fair and ethical practices with regards to mortgage lending for a wide range of properties.
As the largest MBA in Texas, their members typically close more than $35 billion each year, while they continue to advance mortgage banking in the state and serve their member’s mutual interests.
To learn more about Texas Mortgage Bankers Association, check them out at www.texasmba.org.