AUSTIN – Over 264,900 Texas mortgages were past due in fourth quarter 2020, according to data from the Mortgage Bankers Association. Of those mortgages, around 14,700 are 90 days past due.
The overall delinquency rate had jumped in first quarter 2020 before trending downward the rest of the year.
The number of foreclosures started and housing inventory also trended downward last year.
Mortgages 30-59 and 60-89 days past due fell from third quarter 2020. In contrast, mortgages 90 days or more past due increased because this data set includes mortgages that are in forbearance.
“We don’t know the number of households in forbearance that will be able to make mortgage payments once forbearance ends,” said Texas Real Estate Research Center Research Economist Dr. Luis Torres. “If they cannot pay their mortgages going forward, and given the low months of inventory of homes available for sale, they would be able to sell their homes quickly with a gain while avoiding foreclosure procedures.
“This is very different than the housing boom and bust of 2006-07, when home prices fell and households found themselves underwater on their mortgages.”
Nationally, the mortgage delinquency rate fell last quarter to 6.73 percent.
The Texas Real Estate Research Center has more news like this: