Foreclosure Rates in Texas among the Lowest in the Country
Austin’s economy is still thriving and so is its real estate market. The Texas Mortgage Bankers Association recently released a report stating that 1.89 percent of residential mortgages throughout the state of Texas were facing foreclosure during the first quarter of 2011. The national average of foreclosure filings is 4.52 percent. These numbers place the great state of Texas at the 6th lowest in the country when it comes foreclosure filings.
The number of loans that are delinquent also dropped in Texas during the first quarter of the year by 7.91 percent. Numbers this low have not been seen in almost two years here in Texas. Residential home owners that are over 90 days delinquent also saw a decline in the first quarter of the year to 2.80 percent.
Scott Norman, president of the Texas Mortgage Bankers Association said, “These numbers continue to provide evidence that Texas has the best lending landscape in the entire country,” and “The continual and sizable reduction in the foreclosure rate is a material sign that the worst is behind us in Texas.”
There are plenty of places in the Austin area to find the perfect home. Austin Lake Estates in Lake Austin is a great place to call home. This area is one of the most sought after areas west of Downtown Austin. There is a home style for everyone here from large modern homes to small cozy traditional homes. Twenty minutes away from Downtown Austin you are still close to the hustle and bustle but far enough away to enjoy quieter living.
If you are interested in buying or selling a home in the Austin area, contact Kinan Beck. Contact us now at (512) 671- 7368. Kinan specializes in Downtown Austin, Lake Austin, Lake Travis, North/ Northwest Austin, South/ Southwest Austin, Westlake.