Mortgage Delinquency Still Haunts Hurricane-Affected States
States affected by the brutal hurricanes from 2017 are still struggling against mortgage delinquencies, according to a recent report. The slight decline in the delinquency rate for January looks to be a small win, though February has these states finding themselves in trouble once again.
"Nationwide, the 30-day delinquency rate was 4.3%, down 21 basis points from January but up 210 basis points from February 2017, according to the Black Knight First Look report," according to National Mortgage News.
"There were nearly 2.2 million homes where the borrower was 30 days or more late with their payments as of Feb. 28. That is a decline of 4,000 from January but an increase of 63,000 from February 2017."
The obvious culprits behind this abnormal rise in the delinquency rate are hurricanes Harvey and Irma. 30-day-plus delinquencies would have actually been down 76,000 from the year before, according to the report. Unfortunately, with the storms, 30-day-plus delinquencies are actually up 63,000.
"There are now 697,000 seriously delinquent properties, defined as 90 days or more past due but not yet in foreclosure, with 128,000 of them located in Texas, Florida and Georgia," according to NMN.
To learn more about the current delinquency rate for states affected by hurricanes Harvey and Irma, click on the image above.