Seriously Delinquent Mortgages Improve Drastically Following Natural Disasters
Research conducted by Black Knight shows a positive outlook on mortgage delinquency as numbers in October have hit a healthier mark.
"The total number of properties with loans 90 or more days past due dropped to 499,000 in October," according to National Mortgage News.
"It represented a 12-year low, falling 90,000 from a year earlier and 14,000 from the prior month as properties rebounded from the aftermath of past hurricanes."
As mortgage delinquencies gained some steam, they reached constant setbacks from natural disasters like Hurricanes Harvey and Irma. Now, these numbers are beginning to reach an even better spot that rivals lows of 2006.
"Long-term delinquencies related to Hurricanes Harvey and Irma peaked late last year, but have showed continued improvement ever since. In turn, this improvement has largely driven the significant year-over-year reductions we've seen in serious delinquencies recently," said Ben Graboske, executive vice president of Black Knight's data and analytics division, according to NMN.
To learn more about the current trend for mortgage delinquencies, click on the image above.