In a first look at August mortgage performance statistics, Black Knight attributed more than 6,700 new 30-day delinquencies to the hurricane. Additionally, it found that 1,000 borrowers who were already 30 days past due missed another mortgage payment during the month because of the storm.
Black Knight said the hurricane’s impact on delinquencies comes in spite of most payments being due Aug. 1 and the storm making landfall near the end of the month. The company said that based on previous hurricanes, it expects mortgage delinquency rates to show the heaviest hurricane-related impact in September.
Loans 30 days or more past due but not in foreclosure were at a rate of 3.93% in August, up 0.72% from July but down 7.27% from August last year. The total foreclosure pre-inventory rate was 0.76%, down 3.27% from a month ago and 27.23% from a year ago. Foreclosure starts during the month totaled 54,700, up 2.63% from July but down 20.49% from August 2016.
During the month, there were 2,003,000 properties that were 30 or more days past due but not in foreclosure, 17,000 more than the July total but 148,000 less than the year-ago level. Those that were 90 or more past due but were not in foreclosure totaled 557,000, up 2,000 from July but down 112,000 from August 2016. There were 385,000 properties in foreclosure presale inventory, 13,000 less than the July total and 142,000 less than the prior-year level.
Black Knight: Potential mortgage impact of Hurricane Irma outpaces Harvey
Harvey could cause mortgage delinquencies to soar – study
Although delinquencies were relatively unchanged across the nation from July, areas affected by Hurricane Harvey already registered a 16% increase in delinquencies last month, according to new data from Black Knight Financial Services.