Foreclosure rates down in Potter and Randall Counties - KFDA - NewsChannel 10 / Amarillo News, Weather, Sports

Foreclosure rates down in Potter and Randall Counties

Homeowners in our area may be surprised to learn that local foreclosure rates are decreasing.

According to Coldwell Banker and Amarillo National Bank, rates are down about 30 to 40 percent compared to years past.

Bankers are saying this is good news, but it still may be hard to get your hands on a mortgage.

"It's tougher. Not as many people can qualify which is a good thing when you think about the negative side of it when they don't qualify and they are foreclosed on," said Missy Villarreal , the Senior Vice President of Happy State Bank.

However, when compared to 2008, realtors say things are getting a little easier.

"Credit scores, and all of the qualifications for borrowers tightened up everywhere and so all of the loans were really good loans that we were making," said Lissa Lanning, the Vice President of Mortgage Loan Services at Amarillo National Bank. "As far as the investors, they've probably loosened up from where they were in 2008," she added.

Although the reason for this drop isn't completely clear, all the realtor and bankers we spoke with today say the drop in foreclosure rates is good for the community, because more families are staying in their homes.

Colleen Nelson - NewsChannel 10

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