Fewer D-FW Homeowners Have Missed Mortgage Payments
North Texas homeowners are doing a better job of keeping up with their mortgage payments. But the share of Dallas-Fort Worth residents who have missed at least one home loan payment is still higher than a year ago. In October, 6.8% of D-FW area homeowners with a loan were behind in their mortgage payments. That’s up from a 3.7% delinquency rate in October 2019, according to a new report by CoreLogic.
D-FW’s late loan rate is down from the more than 8% of home borrowers who had missed at least one payment earlier in the pandemic in May. Nationwide, 6.1% of home loans were delinquent in CoreLogic’s latest measure.
“During early autumn, the improving economy enabled more families to remain current on their home loan,” Frank Nothaft, chief economist at CoreLogic, said in the new report. With moratoriums, only 0.3% of nationwide home loans were in foreclosure as of October, the latest month for which data is available. In the D-FW area, 0.2% of homes were in foreclosure, according to CoreLogic. Analysts have warned that home foreclosure rates will rise as moratoriums end and federal mortgage payment forbearance programs wind down.
Legislation passed to ease economic pressures caused by the COVID-19 pandemic has kept home foreclosures at low levels. Looking at major Texas metro areas, Austin has the lowest late home loan payment rate of just 5%. Houston had the highest delinquency rate of 8.6%...
