MBA Report: Texas Foreclosure Rate Lower Than U.S.
WASHINGTON, D.C. (Mortgage Bankers Association) – According to a report released yesterday by the Mortgage Bankers Association (MBA), Texas compared favorably to the United States in the percentage of home loans in foreclosure at the end of second quarter 2013.
The percentage of loans on which foreclosure actions were started during the second quarter was 0.48 percent in Texas, compared with 0.64 percent nationally.
The percentage of loans in the foreclosure process at the end of the second quarter was 1.46 percent (nationally: 3.33 percent).
The serious delinquency rate — the percentage of loans that are 90 days or more past due or in the process of foreclosure — was 3.61 percent (nationally: 5.88 percent).
However, of the roughly 2.9 million home mortgages in Texas, 7.49 percent had installments that were past due at the end of the quarter, higher than the national rate of 6.8 percent.
“For most of the country, delinquencies and foreclosures have returned to more normal historical levels,” said MBA Chief Economist and SVP of Research and Economics Jay Brinkmann. “Most states are at or only slightly above longer-term averages, and some of the worst-hit states are showing improvement.