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Mortgage Payments in Texas Way Down Since 2006

June 6, 2014
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Mortgage payments were way out of control during the boom era, but new data suggests they’ve simmered down considerably.

During the housing boom years, home prices were not the only numerical value relating to housing that spiraled out of control; in addition, mortgage payments, and the cut that they took from consumers’ incomes, soared to similar heights.

Thankfully, the market correction that took place in the ensuing years has brought those payments back down to earth, and a new numbers from Black Knight Financial Services have done a great job of showing just how pronounced that market correction has been.

Just here in Texas, for instance, the share of income devoted to mortgage payments fell from 25 percent in July 2006 to 17 percent in Feb. 2014; that’s a 32 percent drop!<p>

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This post was written by Sandcastle Homes

I just moved into my new Sandcastle home and I think it’s a wonderful place to live. They have been very helpful, particularly Lynette and Steve. From the owner Mike Salomen down, it has been a truly positive experience. I would highly recommend anyone who wants to buy a new home that is built of high quality to consider this home builder.

Neal Massey

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