Hurricanes push mortgage delinquencies higher
Hurricanes push mortgage delinquencies higher
NEW YORK – Oct. 20, 2017 – One-month delinquency on mortgages soared nearly a half-percentage point last month driven by deterioration in states impacted by the recent hurricanes.
Single-family loans that were either delinquent at least 30 days or in the foreclosure inventory numbered 2.603 million as of Sept. 30.
The non-current count was comprised of 2.245 million loans past due 30 days but not in foreclosure and 0.358 million loans in the foreclosure inventory.
Black Knight Financial Services reported the statistics Thursday.
Based on an estimated 51.039 million loans outstanding, last month’s non-current rate worked out to 5.10 percent – surging from 4.69 percent the preceding month.
The non-current rate, however, was still lower than 5.27 percent in the same month last year.
In Mississippi, September’s non-current rate was 10.81 percent – higher than any other state. After that was Louisiana’s 9.48 percent, then 7.67 percent in Florida, 7.53 percent in Alabama and 7.30 percent in Texas.
Florida, which was devastated by Hurricane Irma, moved up from No. 22 in August, while Texas, where Hurricane Harvey caused widespread destruction, climbed from No. 20.
Reflected in the U.S. non-current rate was a 4.40 percent 30-day rate excluding foreclosures. The rate leapt 47 basis points from August and was 13 BPS worse than in September 2016. The month-over-month leap was “driven primarily by fallout from Hurricanes Harvey and Irma.”
Based on an analysis of Black Knight’s data, September 2017’s ninety-day rate was an estimated 1.13 percent, ascending 4 BPS from the previous month.
The foreclosure inventory rate was 0.70 percent. That was 6 BPS better than a month earlier and a 30-basis-point improvement over a year earlier.
Last month’s 45,200 foreclosure starts brought the year-to-date total to 506,900.
“Monthly foreclosure starts were at their lowest in more than 17 years, with starts down as much as 90 percent in areas covered by post-hurricane foreclosure action moratoria,” the report stated
Source: Florida Realtors
-
New$4,300,000
Isles Of Collier Preserve
Courtesy of HomeSmart
4 BEDS5 BATHS3641 SQFTShare this Property -
New$1,099,000
Cape Coral
Courtesy of Premiere Plus Realty Company
4 BEDS2 BATHS2237 SQFTShare this Property -
New$746,000
Es03 - Estero
Courtesy of Sun Realty USA, Inc.
3 BEDS2 BATHS1981 SQFTShare this Property -
New$1,499,000
Greyhawk At Golf Club Of The Everglades
Courtesy of John R Wood Properties
3 BEDS3 BATHS2496 SQFTShare this Property -
New$342,000
Pinewoods
Courtesy of John R Wood Properties
3 BEDS2 BATHS1367 SQFTShare this Property -
New$8,350,000
Pelican Bay
Courtesy of Compass Florida LLC
4 BEDS5 BATHS4160 SQFTShare this Property -
New$1,050,000
Riverstone
Courtesy of Keller Williams Elite Realty 2
3 BEDS3 BATHS2308 SQFTShare this Property -
New$789,999
Fiddler's Creek
Courtesy of Coldwell Banker Realty
3 BEDS3 BATHS3010 SQFTShare this Property -
New$599,000
Cape Coral
Courtesy of Community Realty Associates
4 BEDS3 BATHS1931 SQFTShare this Property -
New$905,000
Cape Coral
Courtesy of Xclusive Homes LLC
4 BEDS3 BATHS2242 SQFTShare this Property -
New$1,229,900
Cape Coral
Courtesy of 3.95 Full Service Realty LLC
4 BEDS4 BATHS3290 SQFTShare this Property -
New$345,000
Cape Coral
Courtesy of Compass Florida LLC
3 BEDS2 BATHS1254 SQFTShare this Property
.