Remember that bleak and dreary time in our recent past where so many great people had their homes foreclosed? Well lets take a deep breath of relief because according to research done by CoreLogic Inc., foreclosure rates in Texas have gone down by more 30%.
The report also said "approximately 949,000 homes in the U.S. were in some stage of foreclosure as of July 2013 compared to 1.4 million in July 2012, a decrease of 32%".
Steve Brown, Real Estate Editor at Dallas Morning News did a great synopsis of their report. Below is a copy of the article:
During the 12-month period ending with July, researchers at CoreLogic found, 7,995 home foreclosures were completed in the Dallas area. That’s down from more than 11,000 in the previous 12 months.
The Dallas area now ranks 12th for foreclosures among the major U.S. cities CoreLogic tracks for its report.
The top foreclosure market for the year ending in July was Atlanta, with almost 26,000 completed home foreclosures.
“As the housing market continues to recover, the foreclosure inventory is declining quickly, down by 32 percent from a year ago,” Mark Fleming, chief economist for CoreLogic, said in the report.
“Continued strength in the housing market will contribute to our outlook for ongoing improvement in the stock of distressed assets through the end of this year.”
Filings for new foreclosures are down about 40 percent in North Texas this year.
Rising home prices in the Dallas-Fort Worth area are reducing the number of homeowners who are underwater in their mortgages, which is helping to slow foreclosures.
Zillow Inc. said Wednesday that in the second quarter, 16.5 percent of North Texas home loan holders owed more than their house is worth. That’s down from 24.2 percent in second quarter 2012.
In the second quarter, 175,812 D-FW homes were underwater, with a negative equity of $9.5 billion, Zillow estimates.
Nationwide, 23.8 percent of homeowners with loans are upside down. That amounts to about 12.2 million homes.
“Widespread rising home values during the past year have helped chip away at negative equity nationwide, helping many homeowners who were only modestly underwater to come up for air,” Zillow chief economist Dr. Stan Humphries said in the report. “For those homeowners who are deeply underwater, though, there is still a long row to hoe.”
The highest negative equity rates are in Las Vegas, 48.4 percent, and Orlando, Fla., 39.8 percent.
Home prices have been rising rapidly in North Texas this year, which has helped erase debt problems for many homeowners.
Source: http://www.dallasnews.com/business/residential-real-estate/20130829-dallas-area-home-foreclosures-down-almost-30-percent-in-last-year.ece
