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Almost 8 Percent Of Texans At Least One Month Late On Mortgage

Posted By admin || 28-May-2009

According to an article in the Dallas Morning News, almost 8 percent of Texans are behind on their mortgage payments and nearly 4 percent of all home loans nationwide were in foreclosure at the end of March.  But the sub-prime market in Texas is still taking a brutal blow.

The article said:

In Texas, more than 21 percent of so-called subprime loans are now past due. That compares with a 4 percent statewide prime loan delinquency rate in the first quarter. The rate of foreclosure has increased sharply after moratoriums were lifted and many homeowners failed to win mortgage modifications that would help them avoid foreclosure .  Many of these homeowners facing foreclosure were hit with unexpected job losses and even more unexpected long-term unemployment that often lasted well past a year.

With limits on unemployment benefits and very little in terms of a safety net for the unemployed many homeowners are now succumbing to foreclosure.  Even those with jobs are facing foreclosure because of resetting APRs or reduced work hours. One thing is for sure, we can expect to see these numbers continue to rise as many businesses struggle to avoid bankruptcy by implementing job losses and other cuts.

Categories: Foreclosures
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