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San Antonio Texas Homes Blog > Many Texans struggle with Mortgage PaymentsMany Texans struggle with Mortgage PaymentsContributed by SAH Admin on June 3, 2009 Almost one in 12 Texans are now in arrears with their mortgage payments, the Mortgage Banking Association of America reported recently. Shocking as this figure may be, it is better than the national average, as many homeowners are more than one month late in paying their home loans. Nationwide figures show that 4% of US home loans were in foreclosure by the end of March 2009, compared to 1.66% in Texas. However, these figures may all be artificially low due to the Fannie Mae and Freddie Mac halt on foreclosures and other local moratoria. The impact of the recession and mounting job losses are hitting some areas particularly hard. Mortgage defaults are not expected to improve until the employment situation improves, which the Mortgage Bankers Association predicts will not be until late 2010. Comments:No comments have been submitted yet.
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