Residential

Hurricane season responsible for 10% of delinquent mortgages

Black Knight reports that conditions should improve as homeowners receive their insurance payouts.

While mortgage payment delinquencies are generally down across the country, they were explainably up in states hit by Hurricanes Irma and Harvey, resulting in a slightly raised annual delinquency rate, according to the October 2017 Black Knight Mortgage Monitor. Irma and Harvey can be blamed for a total of 229,000 “past due” loans, which represent 10 percent of the country’s delinquent loan population, said the report.

Loans in foreclosure, meanwhile, dipped below 350,000 for the first time since 2006, to 0.68 percent. While nationwide delinquencies fell in every state apart from Florida and Texas, in FEMA-declared disaster areas delinquencies were up 24 percent, according to Black Knight’s First Look mortgage data. And in hurricane-affected parts of Florida, delinquencies were up an extra 36 percent since September.

Read Article at Inman.com

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