The reduction of distressed housing situations is an excellent sign of growth and prosperity in a market and is something that buyers, sellers and agents are always happy to report.
Dallas, TX (PRWEB) June 09, 2014
At one point, it seemed the nation was drowning in foreclosures and delinquent mortgages. Now is a time for rejoicing as these distressing trends are seeing a dramatic reduction as the market continues on its way to recovery. Prudential Texas Properties reports that the number of Dallas-Fort Worth home owners who are seriously behind on their mortgage payments has fallen to its lowest level since before the recession.
A recent report released by CoreLogic, Inc., indicates that in March, there was a 4 percent decrease in Dallas-Fort Worth home owners who were 90 days or more behind on making mortgage payments. In total, 3.4 percent of area home owners are delinquent on their payments, which is also a 6 percent decrease on the worst data recorded since the recession.
“It’s always nice to see home owners doing well,” says DD Flynn, VP of Marketing at Prudential Texas Properties. “The reduction of distressed housing situations is an excellent sign of growth and prosperity in a market and is something that buyers, sellers and agents are always happy to report. This is a prime economic environment to see that happen.”
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Dallas-Fort Worth is also one area where the late loan rate is significantly less than national levels. CoreLogic reported that the national average of delinquent home mortgages is 4.66 percent.
Additionally, while other areas continue to struggle with lingering foreclosure rates, Dallas-Fort Worth is reporting one of the lowest averages in the country at 0.76 percent. This is significantly below nationwide levels, which are showing averages hovering around 1.86 percent.
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