The issue of home foreclosure and the role that bankruptcy can play in keeping foreclosure at bay is one of the recurring themes in this blog. Most recently, in our September 20 post, we wrote about how the late-payment rate for mortgage payments has been going down recently as more consumers make those payments a priority.
This overall reduction in late payments, however, does not prevent the problem of foreclosure from still looming large. In the San Antonio area and across the nation, many homeowners are still deeply affected by it.
In this post, let’s take a look at the latest data on home foreclosures in Texas. As we shall discuss, the overall number for the year for the 12-month period that concluded on August 31 was a large one: 42,000.
CoreLogic, a real estate data-tracking firm, reported a total number of 42,522 foreclosures in that 12-month period. This put Texas in the fourth spot nationally for most completed foreclosures during the period – obviously a dubious distinction to have.
The overall national number of completed foreclosures during the one-year period that ended on August 31 was more than 658,000. That is of course a big number.
And yet the number of homes that were in any stage of the foreclosure process during the period was bigger still. That number was about 939,000.
In terms of averages, about 2.4 percent of homes across the country were in some stage of foreclosure during the recently ended 12-month period. The average for Texas was 1.1 percent, which was below the national average.
Source: San Antonio Business Journal, “Texas completes more than 42,000 foreclosures in August, CoreLogic reports,” Tricia Lynn Silva, Oct. 9, 2013