by Calculated Risk on 11/21/2017 08:01:00 AM
Tuesday, November 21, 2017
• October’s 4BPS increase in the national delinquency rate can be directly linked to continued hurricane impact, while delinquencies fell 14BPS in non-affected areasAccording to Black Knight's First Look report for October, the percent of loans delinquent increased 0.9% in October compared to September, and increased 2.0% year-over-year.
• Though delinquencies were down in all states except Texas and Florida, in FEMA-declared Hurricanes Harvey and Irma disaster areas, they rose another 24 percent (186BPS) in October
• The most notable increase was in Florida, where delinquencies spiked 36 percent from September in hurricane-affected areas
• Over 229,000 past-due mortgages can now be attributed to Hurricanes Irma (163,000) and Harvey (66,000)
• Total non-current inventories in Florida and Texas (all loans 30 or more days past due or in foreclosure) have risen 79 and 30 percent, respectively, over the past six months
• The inventory of loans in active foreclosure continues to improve, falling below 350,000 for the first time since 2006
The percent of loans in the foreclosure process declined 2.8% in October and were down 31.4% 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 4.44% in October, up from 4.40% in September.
The percent of loans in the foreclosure process declined in October to 0.68%.
The number of delinquent properties, but not in foreclosure, is up 60,000 properties year-over-year, and the number of properties in the foreclosure process is down 156,000 properties year-over-year.
|Black Knight: Percent Loans Delinquent and in Foreclosure Process|
|Number of properties:|
|Number of properties that are delinquent, but not in foreclosure:||2,262,000||2,245,000||2,202,000||2,415,000|
|Number of properties in foreclosure pre-sale inventory:||348,000||358,000||504,000||721,000|
Posted by Calculated Risk on 11/21/2017 08:01:00 AM