Hurricane Florence, Seasonal Trends Conspire to Boost Mortgage Delinquencies

Posted To: MND NewsWireMortgage delinquencies surged by 13.2 percent in September, the largest single-month increase since November 2008. But despite the ominous connotations of that comparison, Black Knight attributed the September rise to the calendar and Mother Nature rather than the economy. The company says that delinquencies tend to rise in September and have done so in 16 of the past 19 years , usually by an average of 5.2 percent. This probably is because 30 days hath the month, allowing less time for mortgage payments to be received and processed. This year the month also ended on a Sunday, which also almost always occasions a delinquency jump, one that is usually reversed, at least partially, the following month. More serious and longer lived will be the expected impact from Hurricane Florence. There was…(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