Hurricane Effect: Foreclosures Up, Delinquencies Down

Posted To: MND NewsWireThe first serious mortgage related impact from last fall’s hurricanes started to hit home in July . Foreclosure starts rose 11 percent from June, with the greatest change 19 percent, in storm affected parts of Texas. Black Knight said, in its “first look” at July loan performance data, that the increase brought starts to 48,300, the highest total in three months. The increase came off of a 17-year low for starts in June. The rate of starts is still 9.3 percent lower than in July 2017. On the other hand, hurricane-related cures pushed delinquencies to a 12 year low . The number of loans that were 30 or more days past due but not in foreclosure dropped by 64,000 since June to 1.861 million, a year-over-year decline of 125,000. This brought the delinquency rate down by 3.35 percent from the June…(read more)Forward this article via email:¬†¬†Send a copy of this story to someone you know that may want to read it.

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Michael Ayoub, Author NMLS ID 6631