From Black Knight: Black Knight’s First Look at September 2017 Mortgage Data: Hurricanes Irma and Harvey Drive Surge in Past-Due Mortgages
• Nationally, the number of non-current mortgages (those at least 30 days past-due or in active foreclosure) jumped by 214,000 (+9 percent), driven primarily by fallout from Hurricanes Harvey and Irma
• FEMA-declared hurricane disaster areas accounted for the bulk of the increases; non-current inventory rose by 84,000 (+48 percent) in Irma disaster areas and 52,000 (+67 percent) in those related to Harvey
• Prior to the hurricanes, Texas and Florida ranked 20th and 22nd among states by non-current mortgage rates; after the storms, they now rank 3rd and 5th respectively
• Primarily as a result of hurricane impact, September saw the first annual rise in mortgage delinquencies (borrowers at least 30 days past-due but not yet in active foreclosure) since July 2010
• 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
According to Black Knight’s First Look report for September, the percent of loans delinquent increased 11.9% in September compared to August, and increased 3.0% year-over-year.
The percent of loans in the foreclosure process declined 7.2% in September and were down 30.1% over the last year.
Black Knight reported the U.S. mortgage delinquency rate (loans 30 or more days past due, but not in foreclosure) was 4.40% in September, up from 3.93% in August.
The percent of loans in the foreclosure process declined in September to 0.70%.
The number of delinquent properties, but not in foreclosure, is up 80,000 properties year-over-year, and the number of properties in the foreclosure process is down 151,000 properties year-over-year.
| Black Knight: Percent Loans Delinquent and in Foreclosure Process | ||||
|---|---|---|---|---|
| Sept 2017 |
Aug 2017 |
Sept 2016 |
Sept 2015 |
|
| Delinquent | 4.40% | 3.93% | 4.27% | 4.87% |
| In Foreclosure | 0.70% | 0.76% | 1.00% | 1.46% |
| Number of properties: | ||||
| Number of properties that are delinquent, but not in foreclosure: | 2,245,000 | 2,003,000 | 2,165,000 | 2,457,000 |
| Number of properties in foreclosure pre-sale inventory: | 358,000 | 385,000 | 509,000 | 737,000 |
| Total Properties | 2,603,000 | 2,388,000 | 2,674,000 | 3,194,000 |