More North Texas homeowners are behind on their mortgages than a year ago, but area foreclosures remain at very low levels because of continued moratoriums.
More than 6% of Dallas-Fort Worth area homeowners with a loan were at least one month behind on their payments in January, according to CoreLogic. That’s up from the pre-pandemic late loan rate of 3.5% but less than the 8% delinquent mortgage rate during the worst of the COVID-19 lockdowns.
Nationwide, 5.6% of borrowers had missed at least one mortgage payment in January. The mortgage delinquency rate declined for the fifth consecutive month to the lowest level since the start of the COVID-19 pandemic.
“The transition rate from current to delinquent this January was the lowest in twelve months, which is another hopeful sign that family finances are beginning to improve,” Frank Nothaft, chief economist at CoreLogic, said in a statement. “The consensus view among economists is that the 2021 economy will expand at the fastest rate since 1984.”
Only 0.3% of U.S. home loans were in foreclosure, with federal programs during the pandemic halting most actions by lenders.
In the D-FW area, only 0.1% of mortgages were in foreclosure in January, compared with a 0.3% home foreclosure rate in January 2020.
D-FW and Austin were tied for the lowest home foreclosure rates in the major Texas metro area.
Houston had the largest percentage of borrowers who had missed at least one monthly payment — 8% in January compared with 4.76% a year earlier. Only 4.4% of Austin homeowners with a loan were behind on their payments, according to CoreLogic.
The late loan rates include mortgages that are in payment forbearance because of the pandemic. In early April, about 4.7% of homeowners with a loan were in forbearance, according to the Mortgage Bankers Association of America.
“While delinquency rates are higher than we would like to see, they continue to decline,” Frank Martell, president and CEO of CoreLogic, said in the latest report. “At the same time, foreclosure rates remain at historic lows.
“This is a good sign, and considering the improving picture regarding the pandemic and climbing employment rates, we are looking at the potential for a strong year of recovery.”
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