Thursday, October 19, 2017

Black Knight: "Hurricanes Irma and Harvey Drive Surge in Past-Due Mortgages"

by Bill McBride on 10/19/2017 09:30:00 AM

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
Delinquent4.40%3.93%4.27%4.87%
In Foreclosure0.70%0.76%1.00%1.46%
Number of properties:
Number of properties that are delinquent, but not in foreclosure:2,245,0002,003,0002,165,0002,457,000
Number of properties in foreclosure pre-sale inventory:358,000385,000509,000737,000
Total Properties2,603,0002,388,0002,674,0003,194,000