Google+
Home | Daily Dose | Delinquencies Forcasted to Rise in Coming Months
Print This Post Print This Post

Delinquencies Forcasted to Rise in Coming Months

delinquent-noticeNext month could bring a new outlook to regional delinquency rates due to the aftermath of recent storms. Nationally, however, they remained relatively unchanged in August, according to Black Knight’s August 2017 Mortgage Data First Look. The effects of Hurricane Harvey are already being felt in areas of Houston, as delinquency rates rose 16 percent month-over-month.

According to the report, 6,700 new delinquencies 30 days overdue were recorded in August, and an additional 1,000 borrowers missed an additional payment during the month, placing them in the 60-plus day threshold. Black Knight predicts that the true fallout of Hurricane Harvey on the housing market will likely be realized in September 2017’s numbers.

There was a total of 54,700 new foreclosure starts in the month of August, which is an increase month-over-month of 2.63 percent, but a year-over-year decrease of 20.49 percent. The number of total national properties 30 or more days delinquent, but not yet in foreclosure, amounted to 2.003 million, and increase of 17,000 from the month prior but a decrease of 148,000 year-over-year. The number of properties 90 days past due, yet still not in foreclosure also declined year-over-year by 112,000, but rose month-over-month by 2,000 to a figure of 557,000.

The only figure reported by Black Knight that decreased in both metrics was the number of foreclosed properties in the industry’s pre-sale inventory, dropping 13,000 from July to 385,000. That is a difference of 142,000 a year ago.

As of August 2017, the top five states by non-current percentages were Mississippi, at 10.47 percent; Louisiana at 8.82 percent; Alabama at 7.22 percent; West Virginia at 6.95 percent; and Maine at 6.52 percent.

The bottom five states by non-current percentages were Montana at 2.69 percent; Oregon at 2.58 percent; Minnesota at 2.53 percent; North Dakota at 2.31 percent, and Colorado at 2.11 percent.

To see the full results of Black Knight’s First Look at August 2017 Mortgage Data, click here.

About Author: Joey Pizzolato

Profile photo of Joey Pizzolato
Joey Pizzolato is a graduate of Spalding University, where he holds a holds an MFA in Writing as well as DePaul University, where he received a B.A. in English. His fiction and nonfiction have been published in a variety of print and online journals and magazines.

Leave a Reply

Scroll To Top