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- Nationally, delinquencies remained relatively flat from July, while delinquencies in Hurricane Harvey- impacted areas rose by 16 percent month over month
- Despite most payments being due August 1, and the storm making landfall near the end of the month, its effect on mortgage delinquencies is already being felt
- Over 6,700 new 30-day delinquencies can be attributed to Harvey, while an additional 1,000 borrowers who were already 30-days past due missed an additional mortgage payment in August as a result of the storm
- Based on observations from previous hurricanes, the heaviest impact on mortgage delinquency rates will come in September
JACKSONVILLE, Fla. – September 21, 2017 – The Data and Analytics division of Black Knight Financial Services (NYSE: BKFS) reports the following “first look” at August 2017 month-end mortgage performance statistics derived from its loan-level database representing the majority of the national mortgage market.
*Non-current totals combine foreclosures and delinquencies as a percent of active loans in that state.
Notes:
1) Totals are extrapolated based on Black Knight Financial Services’ loan-level database of mortgage assets.
2) All whole numbers are rounded to the nearest thousand, except foreclosure starts, which are rounded to the nearest hundred.
The company will provide a more in-depth review of this data in its monthly Mortgage Monitor report, which includes an analysis of data supplemented by charts and graphs that reflect trend and point-in-time observations. The Mortgage Monitor report will be available online at http://www.bkfs.com/CorporateInformation/NewsRoom/Pages/Mortgage-Monitor.aspx by October 2, 2017.
Graphics shown in this release may be viewed and downloaded here.
Delinquencies Forcasted to Rise in Coming Months
Next 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.
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