Dallas revealed its housing market woes when First American Corelogic published its latest release on how many people in the Texan town are behind on their mortgage payments. Compared to the rest of the nation, Dallas is fairing only slightly better, but isn't the worst hit. The recently released Pending Home Sales Index further added to insult to injury in regards to the ailing housing market.
The First American Corelogic negative equity report is a state by state estimate for U.S. single-family residential properties. The study covers "47 million properties with a mortgage, which accounts for over 85 percent." The mortgages are between the prices of $30,000 and $30 million because they state the AVM level of accuracy declines too quickly outside of that range.
Dallas mortgages in trouble totaled 6.14 percent in January, compared to the nation's 8.66 percent. The Dallas Morning News reports that Dallas residents who are more than 90 days behind on their mortgage payments are greater than the state's total of 5.65 percent. The paper also claims that last year's delinquent mortgages in Dallas were only 4.22 percent, an almost 2 percent increase.
"The amount of equity for each property was determined by subtracting the property’s estimated current value from the mortgage debt outstanding. If the mortgage debt was greater than the estimated value, then the property is in a negative equity position. The data was created at the property level and aggregated to higher levels of geography." (First American Core Logic)
Written by Amy Munday
Huliq.com
Comment and add to the story without registration, but keep the comments meaningful please. Links are not accepted.
