Hurricane Effects Push 90-Day Delinquencies 13%

Black Knight, Jacksonville, Fla., said continued post-hurricane effects from the summer have pushed 90-day mortgage delinquencies to the largest monthly increase since 2008.

The company’s November First Look Mortgage Monitor said the 90-day delinquency rate jumped by 13 percent, an increase not seen since the financial crisis began to unfold. Black Knight attributed more than 85 percent (66,000) of the month’s 77,000 new severely delinquent loans to hurricanes Harvey and Katrina, bringing the current estimate of 90-day delinquencies resulting from Harvey and Irma to more than 85,000.

The report also noted inflow of new hurricane-driven delinquencies slowed, with Irma-related delinquencies up by 8,200 month-over-month, while Harvey-related delinquencies declined by 8,400. Black Knight attributed the 2.5 percent increase in the overall national delinquency rate is to typical seasonality; November increases have been observed in nine of the past 10 years and 16 of the past 18.

Other report highlights:

–Total U.S. loan delinquency rate (loans 30 or more days past due, but not in foreclosure): 4.55%, an increase of 2.54 percent from October and by 2.04 percent from a year ago.

–Total U.S. foreclosure pre-sale inventory rate: 0. 66%, a 3.15 percent decrease from October and a 32.67 percent decrease from a year ago.

–Total U.S. foreclosure starts: 47,800, a 4.78 percent decrease from October and a 20.86 percent decrease from a year ago.

–Monthly Prepayment Rate: 0.98%, a 12.41 percent decrease from October and a 31.47 percent decrease from a year ago.

–Properties 30 or more days past due, but not in foreclosure: 2.324 million, an increase of 62,000 increase from October and a 61,000 increase from a year ago.

–Properties 90 or more days past due, but not in foreclosure: 666,000, an increase of 77,000 from October but a decrease of 16,000 from a year ago.

–Properties in foreclosure pre-sale inventory: 337,000, a decrease of 11,000 from October and a decrease of 161,000 from a year ago.

–Properties 30 or more days past due or in foreclosure: 2.661 million, an increase of 51,000 from October but a decrease of 100,000 from a year ago.

States with the highest percent of non-current mortgages: Mississippi, Florida, Louisiana, Alabama, West Virginia.

States with the lowest percent of non-current mortgages: Montana, Minnesota, Oregon, North Dakota, Colorado.

States with the highest rate of 90+ Days Delinquencies: Mississippi, Florida, Louisiana, Texas, Alabama.