Great news for real estate investors in the DFW area and for the state of Texas!
We’ve all heard omens and negative predictions for the real estate market in 2020. However, new reports show that those predictions may be wrong.
Foreclosures are near a 20 year low in the greater DFW area.
Not only that, but new jobs continue to pour into the metro area and throughout central Texas.
Soaring home values and a strong U.S. economy have hammered down home loan delinquency rates and foreclosures to their lowest levels in almost two decades.
Less than 4% of U.S. homeowners with mortgages were behind in their payments at the end of the third quarter, according to the latest measure by CoreLogic.
And less than one half of 1% of mortgages across the country were in foreclosure as of September.
“The strong labor market in the United States along with continued prudent underwriting practices for mortgage origination have combined to power favorable loan performance over the past few years,” Frank Martell, president and CEO of CoreLogic, said in the report.
“Unemployment reached a 50-year low in September 2019, which helped push annual delinquency rates downward for the 21st consecutive month, and we expect this trend to continue as we enter into the new year.”