Hurricane Florence has left plenty of destruction after ripping through the Carolinas and Virginia. According to a recent report, approximately 700,000 residential and commercial homes across the three states were damaged in some manner.
"While the mortgage delinquency rate fell to a 12-year low this week, that number will be on the rise in the coming months due to Florence and the impact of the impending hurricane season," according to National Mortgage News.
"If last year was any indication, the delinquency rate could peak above 4.5% by December. Any housing markets devastated by Florence and all hurricanes that follow will still be on the mend a year from now."
It was predicted that Florence would make an undeniable impact to the mortgage delinquency rate that was just recovering. With the 12-year low now diminishing in the aftermath of the storm, we can expect the mortgage delinquency rate to take at least one more year before it heals.
To learn more about the affects of Hurricane Florence and what it means for the mortgage delinquency rate, click on the image above.