Two second-quarter reports key to assessing a housing market’s health were released yesterday. The Mortgage Bankers Association (MBA) report provided foreclosure and mortgage delinquency rates, while RealtyTrac provided housing affordability data.
According to the MBA report, the percentage of Texas home loans in the foreclosure process at the end of the second quarter was 1.01 percent, compared with 2.49 percent for the United States. Texas also fell below the United States in the percentage of loans on which foreclosure actions were started during the quarter (.3 percent compared with .4 percent) and the percentage of loans that were “seriously delinquent” (3.1 percent compared with 4.8 percent).
However, the total percentage of loans with installments past due was higher for Texas than for the nation as a whole — 6.61 percent compared with 5.96 percent.
MBA reported that nearly three million loans are serviced in Texas. The national total is almost 41.2 million. Meanwhile, RealtyTrac released its second quarter 2014 housing affordability report. The report showed that housing markets in six Texas counties were less affordable than their long-term averages. Those were Travis, Bexar, Harris, Dallas, Collin and Tarrant counties.
The report, which analyzed affordability for buying a residential property in more than 1,000 counties nationwide, noted that a third of the counties analyzed are less affordable now than they have been on average over the last 14 years.
Source: Real Estate Center