Delinquencies Soar in Storm Impacted Areas

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Posted To: MND NewsWire

As predicted, mortgage delinquencies resulting from Hurricanes Harvey and Irma continued to play out in October. Black Knight Financial Services, in its “First Look” at the month’s loan performance data, said the delinquency rate spiked in both Texas and Florida, skewing the national data. The US delinquency rate rose 4 basis points (bps) during the month, but removing those two states from the equation results in a 14-bps decline. Delinquency rates in the two affected areas rose 24 percent (186 bps). In those parts of Florida affected by Irma, the increase from September was 36 percent. Black Knight says that the number of non-current loans, those that are 30 or more days past due, have risen 79 percent in Florida and 30 percent in Texas over the last six months. There are 66,000 delinquent…(read more)

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