Texas bankruptcy attorneys have been quite busy over the last few years helping people save their homes from foreclosure. The economy hasn’t been kind to the housing market, and even the most affluent of neighborhoods have been riddled with foreclosure signs. Texas residents have been fighting diligently to maintain their homes and get caught up on their mortgages. Luckily, a recent report suggests things may be looking up and we may soon be able to regain control over our mortgages.
Foreclosure Rates Continue to Decline
The number of foreclosures has decreased again in July, for the sixth consecutive month. The number of foreclosures across the state fell to 1.89%, far below the national average of 4.52%. Dallas foreclosures dropped yet again this month and are 33% lower than this time last year. The number of Fort Worth foreclosures fell 24% and the entire metroplex is averaging over 10% decrease from last years numbers. Although these numbers seem encouraging, the drop in foreclosure rates may not necessarily be indicative of economic improvement. Lenders are increasing their standards and, overall, there are fewer mortgage loans being processed and approved.
However, not all hope is lost. George Roddy, President of The Foreclosure Listing Service, is reporting the 6 month run of foreclosure decreases shouldn’t be viewed as an indication the market is in a full turnaround. “While I am not yet ready to say the foreclosure market has rebounded, I am certainly encouraged,” said Roddy. “I remain guarded and believe that while postings may inch down somewhat, overall posting levels will remain high for some time to come.”