WASHINGTON, D.C. (Mortgage Bankers Association, Real Estate Center) – The Mortgage Bankers Association’s latest mortgage delinquency survey indicate Texas is faring better than the nation in actual foreclosures.
“Texas’ seriously delinquent loans stood at 5.2 percent versus 8.7 percent of loans nationally,” said Real Estate Center Research Economist Dr. Jim Gaines.
Loans considered “seriously delinquent” are 90 or more days past due or in the process of foreclosure.
Foreclosure was started on 0.85 percent of all loans in Texas during third quarter 2010, Gaines said. Nationally, that number was 1.34 percent.
The percentage of loans in foreclosure in Texas at the end of the quarter was 1.8 percent, compared with 4.4 percent nationally.
“Texas delinquent loans have picked up, but third quarter 2010 total delinquencies were down nearly 2 percent from the previous year,” Gaines said. “Both the United States and Texas are running at around 9.5 percent delinquency on all loans.”