Ashley Furness, writing for the Austin Business Journal, recently reported that “about 1.89 percent of residential mortgages in Texas were in foreclosure during the first quarter this year.” This statistic, from the Texas Mortgage Bankers Association, ranks Texas as having the sixth lowest rate in all of America.
1.89% isn’t too shabby, compared with the national average of 4.52%. And we can always be grateful that we’re not living in Las Vegas, where one in every 9 homes is up for foreclosure.
“Texas loan delinquencies decreased to 7.91 percent of mortgages in the quarter–its lowest level in more than two years. Also, the 90 days or more delinquent number, fell below 3 percent for the first time in nearly two years to 2.80 percent,” wrote Furness in the Journal.
Scott Norman, president of the Texas Mortgage Bankers Association stated, “Texas has the best lending landscape in the entire country. The continued and sizable reduction in the foreclosure rate is a sign that the worst is behind us.”
This coincides with a decrease in Houston’s unemployment rate, down to 8%, compared to the nation’s 9%. According to the Houston Chronicle, city employers added 13,600 new jobs last month.
It’s looking safer and safer to invest in real estate! Check on the listings on CondoDomain to see if the time is right for you.