The rate of mortgage delinquencies in the US was up in October as two states were heavily impacted by hurricanes
The rate of mortgage delinquencies in the US was up in October as two states were heavily impacted by hurricanes.
‘First look’ mortgage data from Black Knight Financial shows that the impact of Hurricanes Harvey and Irma meant a rise in Texas and Florida, while the delinquency rate fell overall in other states.
In hurricane affected areas of Florida there was a 36% spike in mortgage delinquencies from September to October; across Florida and Texas the rate jumped 24% in the month in FEMA-declared hurricane areas.
The two hurricanes now account for more than 229,000 past-due mortgages and total non-current inventories in Florida and Texas (all loans 30 or more days past due or in foreclosure) have risen 79% and 30% respectively, over the past six months.
Nationally, the delinquency rate was 4.44%, up 0.94% month-over-month and up 2.05% year-over-year; with 2.262 million homes past 30-days due but not in foreclosure with 589,000 past 90-days due.
The inventory of loans in active foreclosure continued to improve, falling below 350,000 for the first time since 2006.
Prepayment activity was 25% below October 2016 but did rebound 17% from September 2017.
‘First look’ mortgage data from Black Knight Financial shows that the impact of Hurricanes Harvey and Irma meant a rise in Texas and Florida, while the delinquency rate fell overall in other states.
In hurricane affected areas of Florida there was a 36% spike in mortgage delinquencies from September to October; across Florida and Texas the rate jumped 24% in the month in FEMA-declared hurricane areas.
The two hurricanes now account for more than 229,000 past-due mortgages and total non-current inventories in Florida and Texas (all loans 30 or more days past due or in foreclosure) have risen 79% and 30% respectively, over the past six months.
Nationally, the delinquency rate was 4.44%, up 0.94% month-over-month and up 2.05% year-over-year; with 2.262 million homes past 30-days due but not in foreclosure with 589,000 past 90-days due.
The inventory of loans in active foreclosure continued to improve, falling below 350,000 for the first time since 2006.
Prepayment activity was 25% below October 2016 but did rebound 17% from September 2017.
