Posts Tagged ‘Texas’

Mortgage Delinquencies Rise After Hurricanes

Posted on December 11, 2017 by Laura Lam

The three major hurricanes that caused devastation during August and September were largely responsible for the third-quarter increase in mortgage delinquencies.  The seasonally adjusted delinquency rate of 4.88% was 64 basis points higher than the second quarter, according to the Mortgage Bankers Association’s National Delinquency Survey. The 30-day delinquency rate was responsible for 50 basis points of that increase, said Marina Walsh, the MBA’s vice president of industry analysis.  Compared with one year ago, delinquencies were 36 basis points higher. “Hurricanes Harvey, Irma and Maria caused disruptions and destruction in numerous states,” Walsh said. “Florida, Texas, neighboring states, as well…

Texas Delinquencies Jump 16% After Harvey

Posted on September 26, 2017 by Laura Lam

Mortgage delinquencies in areas affected by Hurricane Harvey last month were 16% higher than in July, according to Black Knight Financial Services.  More than 6,700 new 30-day delinquencies stem from the hurricane and 1,000 borrowers already 30 days past due missed another payment, said Black Knight. Despite the spike in Harvey-related delinquencies, nationally on loans not yet in foreclosure they were flat compared with July, rising only 0.72% to 3.93%, and compared with a year ago the rate is 7.27% lower than it was last August. Texas is now among the 5 states that have seen the most deterioration in their…

Hurricane Aftermath: Over 25% Could Miss Mortgage Payment

Posted on September 13, 2017 by Laura Lam

Over one-quarter of all mortgages in the areas affected by Hurricane Harvey are likely to become delinquent within 4 months because of the storm, according to an analysis from Black Knight.  Approximately 300,000 mortgage borrowers will miss at least one payment on their loan because of the storm, with 160,000 not making 3 or more payments.  Black Knight modeled this estimate based on changes in the delinquency rate in Louisiana and Mississippi following Hurricane Katrina in 2005. Mortgage delinquencies in affected areas in Louisiana and Mississippi peaked at 34%, with the rate of seriously delinquent loans peaking at 16%. But there…