Hurricane Damage Drives Up Delinquency Rate
November 21, 2017
The national delinquency rate recorded its second year-over-year increase in October due to the impact of Hurricanes Harvey and Irma, according to new data from Black Knight Inc.
October saw a 2.05 percent year-over-year increase in the total U.S. loan delinquency rate and a 0.94 percent month-over-month increase. The delinquency rate in October was down in all states except in the FEMA-declared hurricane disaster areas in Florida and Texas, where they rose another 24 percent year-over-year in October. Florida was especially hard hit, with delinquencies up 36 percent from September in its hurricane-affected areas. More than 229,000 past-due mortgages can now be attributed to Hurricanes Irma (163,000) and Harvey (66,000).
Nonetheless, the inventory of loans in active foreclosure fell below 350,000 last month for the first time since 2006. The total foreclosure pre-sale inventory rate of 0.68 percent was 2.84 percent below the September level and 31.42 percent lower than the October 2016 level.
Black Knight’s data does not cover Puerto Rico and the impact that Hurricane Maria had on the island.
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