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Delving into Delinquency Data: Hurricanes Continue to Impact

According to Black Knight’s First Look at October 2017 mortgage data, delinquencies were down in all states except Texas and Florida—as FEMA-declared Hurricanes Harvey and Irma disaster areas increased another 24 percent in October.

The most notable increase was in Florida, where delinquencies increased by 36 percent from September 2017 in hurricane-affected areas. Meanwhile, the report attributes over 229,000 past-due mortgages to Hurricanes Irma at 163,000, and Harvey at 66,000.

Total non-current inventories all loans 30 or more days past due or in foreclosure, have risen in Florida by 79 percent, and in Texas by 30 percent, over the past six months.

However, prepayment activity rebounded in October, reporting an increase by 17 percent month-over-month, but still 25 percent below 2016 levels. The inventory of loans in active foreclosure continues to improve, dropping below 350,000 for the first time since 2006.  

The number of total national properties 30 or more days delinquent, but not yet in foreclosure, amounted to 2.262 million, an increase of 17,000 month-over-month, and an increase of 60,000 year-over-year. The number of properties 90 days past due, yet still not in foreclosure also increased month-over-month by 13,000 , but declined year-over-year to 88,000.

As of October 2017, the top five states by non-current percentages were Mississippi, at 10.62 percent; Florida at 9.9 percent; Louisiana at 9.20 percent; Alabama at 7.33 percent; and Texas at 7.32 percent.

The bottom five states by non-current percentages were Montana at 2.59 percent; Minnesota at 2.51 percent; Oregon at 2.44 percent; North Dakota at 2.32 percent, and Colorado at 2.11 percent.

To see the full release, click here.

About Author: Nicole Casperson

Nicole Casperson is the Associate Editor of DS News and MReport. She graduated from Texas Tech University where she received her M.A. in Mass Communications and her B.A. in Journalism. Casperson previously worked as a graduate teaching instructor at Texas Tech's College of Media and Communications. Her thesis will be published by the International Communication Association this fall. To contact Casperson, e-mail: nicole.casperson@thefivestar.com.
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