Black Knight: Irma, Harvey Drive Surge in Past-Due Mortgages

Black Knight, Jacksonville, Fla., said a surge in past-due mortgages in Florida and Texas drove a rise in mortgage delinquencies for the first time since 2010.

The company’s Firs Look Mortgage Monitor said non-current mortgages (those at least 30 days past-due or in active foreclosure) jumped by 214,000 (+9 percent), primarily by fallout from Hurricanes Harvey and Irma. The increase marked the first rise in mortgage delinquencies since July 2010.

The report said FEMA-declared hurricane disaster areas accounted for the bulk of the increases; non-current inventory rose by 84,000 (+48 percent) in Irma disaster areas and 52,000 (+67 percent) in those related to Harvey. Prior to the hurricanes, Texas and Florida ranked 20th and 22nd among states by non-current mortgage rates; after the storms, they now rank 3rd and 5th, respectively.

On the plus side, the report noted monthly foreclosure starts fell to their lowest in more than 17 years, with starts down by nearly 90 percent in areas covered by post-hurricane foreclosure action moratoria.

Other report data:

–Total U.S. loan delinquency rate; 4.40%. Month-over-month change: 11.85%. Year-over-year change: 2.96%.

–Total U.S. foreclosure pre-sale inventory rate: 0.70%. Month-over-month change: -7.17%. Year-over-year change: -30.08%.

–Total U.S. foreclosure starts: 45,200. Month-over-month change: -17.37%. Year-over-year change: -26.74%.

–Monthly Prepayment Rate: 0.96%. Month-over-month change: -15.13%. Year-over-year change: -37.76%.

–Properties 0 or more days past due, but not in foreclosure: 2.245 million. Month-over-month change: 242,000. Year-over-year change: 80,000.

–Properties 90 or more days past due, but not in foreclosure: 576,000. Month-over-month change: 19,000. Year-over-year change: -92,000.

–Properties in foreclosure pre-sale inventory: 358,000. Month-over-month change: -27,000. Year-over-year change: -151,000.

–Properties 30 or more days past due or in foreclosure: 2.603 million. Month-over-month change: 214,000. Year-over-year change: -71,000.

–States with Highest Non-Current Percentage: Mississippi, Louisiana, Florida, Alabama, Texas.

–States with Lowest Non-Current Percentage: Washington, Minnesota, Oregon, North Dakota, Colorado.

–States with Highest Percentage of 90-Plus Days Delinquent: Mississippi, Louisiana, Alabama, Arkansas, Tennessee.