The Federal Reserve Bank of Dallas announced this week that stable home prices and fewer exotic loan products are to thank for preventing the state's economy from dipping any lower.

However, Texas joins other communities hit by the economic downturn in the housing market.  One example is the increase in foreclosure inventory when compared to pre-recession rates; the percentage of homes in foreclosure now rests at 2 percent. Yet even that number is low compared to the national foreclosure inventory rate of 4.6 percent.

The bank also attributes the lack of "subprime loans" in the state to its current stability, unlike other states where this type of loan took a firmer hold. Looking at four counties in Texas - Tarrant, Collin, Dallas and Denton - there are just 24,000 seriously delinquent prime mortgages and 6,100 subprime mortgages. These numbers are low when compared to other areas of the state, and indeed the country. The primary reason listed for failure to pay is joblessness.

According to CoreLogic, Texas also ranks lower than the nation on homes in negative equity: 11 percent of homes in Texas versus the national average of 23 percent.

If you'd like to fight foreclosure, contact us now to get assistance from a Houston bankruptcy attorney.