In its August National Foreclosure Report, the financial research firm CoreLogic reported that Texas’ foreclosure inventory (defined as the percentage of homes currently in the foreclosure process) is 0.7%, down from 1.0% a year ago.
In comparison, the national foreclosure inventory rate is currently 1.6%, and New Jersey’s foreclosure inventory rate is a staggering 5.8%, by far the highest in the country.
Texas Ranks #3 Among States with the Most Foreclosures
Although Texas’ foreclosure rate is among the lowest in the nation, our total number of foreclosures is not. The CoreLogic report also reveals that Texas had more than 36,000 completed foreclosures last year, which ranks behind only Florida and Michigan on the list of states with the most foreclosures.
Furthermore, both Houston and Dallas ranked in the top 10 metropolitan areas with the most foreclosures last year, with 8,524 and 6,054 foreclosures respectively.
These statistics indicate that, although our percentage of foreclosures is relatively low, due to Texas’ large population size, the risk of foreclosure is still very real for many Texas families.
Click here to download the full report from CoreLogic.
Do you Know Someone Struggling with their Mortgage Payments?
TSAHC encourages homeowners at risk of foreclosure to contact a HUD-approved housing counselor for assistance. These trained, confidential advisors can help homeowners understand their options and communicate with their servicer, all at no cost.
Does Counseling Work?
Yes! A recent evaluation of the federal National Foreclosure Mitigation Counseling program (which provides funding to support foreclosure prevention counseling) shows that homeowners who receive foreclosure counseling are nearly three times more likely to obtain a loan modification than homeowners who don't.
DON’T WAIT. The earlier you reach out for help, the more options may be available. Click here to find a foreclosure counselor in your area.
On the House blog posts are meant to provide general information on various housing-related issues, research and programs. We are not liable for any errors or inaccuracies in the information provided by blog sources. Furthermore, this blog is not legal advice and should not be used as a substitute for legal advice from a licensed professional attorney.