One-month delinquency on mortgages soared nearly a half-percentage point last month driven by deterioration in states impacted by the recent hurricanes.
Single-family loans that were either delinquent at least 30 days or in the foreclosure inventory numbered 2.603 million as of Sept. 30.
The non-current count was comprised of 2.245 million loans past due 30 days but not in foreclosure and 0.358 million loans in the foreclosure inventory.
Black Knight Financial Services reported the statistics Thursday.
Based on an estimated 51.039 million loans outstanding, last month’s non-current rate worked out to 5.10 percent — surging from 4.69 percent the preceding month.
The non-current rate, however, was still lower than 5.27 percent in the same month last year.
In Mississippi, September’s non-current rate was 10.81 percent — higher than any other state. After that was Louisiana’s 9.48 percent, then 7.67 percent in Florida, 7.53 percent in Alabama and 7.30 percent in Texas.
Florida, which was devastated by Hurricane Irma, moved up from No. 22 in August, while Texas, where Hurricane Harvey caused widespread destruction, climbed from No. 20.
Reflected in the U.S. non-current rate was a 4.40 percent 30-day rate excluding foreclosures. The rate leapt 47 basis points from August and was 13 BPS worse than in September 2016. The month-over-month leap was “driven primarily by fallout from Hurricanes Harvey and Irma.”
Based on an analysis of Black Knight’s data, September 2017’s ninety-day rate was an estimated 1.13 percent, ascending 4 BPS from the previous month.
The foreclosure inventory rate was 0.70 percent. That was 6 BPS better than a month earlier and
a 30-basis-point improvement over a year earlier.
Last month’s 45,200 foreclosure starts brought the year-to-date total to 506,900.
“Monthly foreclosure starts were at their lowest in more than 17 years, with starts down as much as 90 percent in areas covered by post-hurricane foreclosure action moratoria,” the report stated.
