A new study released recently shows that Dallas foreclosure rates are hitting record lows, with foreclosures down 49 percent from a year ago at this time. The numbers are consistent with a nationwide decrease in foreclosures that optimists are seeing as the beginning of a total housing recovery.
Foreclosure Rates Lowest in Decade
In Dallas, the foreclosure rates for 2013 are at their lowest level in nearly an entire decade. This is great news for residents and homeowners in Dallas, and is a marker of a recovering economy that has been suffering for too long.
In addition to the recovering foreclosure rates, related numbers are also looking good. Distressed home sales are down to 15% of all home sales, where just a couple years ago the number was creeping towards 50%. In addition, and perhaps most promising of all, the number of home loans having fallen into default has dropped significantly, with the numbers nearly half what they were just a short few years ago. Homeowners making their mortgage payments mean those homeowners are receiving steady pay from their jobs, a good indicator that the economy as a whole is much improved in the past year or two. That means better numbers all across the board, and a housing market that is looking as robust as it has since before the bubble burst.