Delinquency rates on mortgages in southern Texas were among the highest in the country as of the second quarter, according to The Wall Street Journal.
Three Texas cities — McAllen, Corpus Christi, and Brownsville — were among the 10 with the worst rates in the nation.
The state's southernmost cities have higher delinquency rates than its largest metropolitan markets, according to a report the Journal published in July, citing data from Equifax Inc., Moody's Corp., Economy.com, and real estate agents.
(Over the past year RealtyTrac Inc., an Irvine, Calif., company that compiles data on foreclosures, has listed Fort Worth, Dallas, and Houston on its lists of cities with the highest foreclosure rates.)
McAllen had the country's second-highest delinquency rate in the second quarter; 6.78% of the mortgages were 30 days or more behind in payments, according to the Journal report. The median house price in that market was $71,148. (Merced, Calif., had the highest rate, 8.08%.)
Brownsville had the seventh-highest rate, 5.45%. The median price was $64,245.
Corpus Christi had the ninth-highest rate, 5.37%. The median price was $134,166.
The average delinquency rate nationwide was 3.15%, and the median house price was $220,040.
