by Calculated Risk on 10/19/2017 09:30:00 AM

From Black Knight: Black Knight’s First Look at September 2017 Mortgage Data: Hurricanes Irma and Harvey Drive Surge in Past-Due Mortgages

• Nationally, the number of non-current mortgages (those at least 30 days past-due or in active foreclosure) jumped by 214,000 (+9 percent), driven primarily by fallout from Hurricanes Harvey and Irma

• 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

• Primarily as a result of hurricane impact, September saw the first annual rise in mortgage delinquencies (borrowers at least 30 days past-due but not yet in active foreclosure) since July 2010

• Monthly foreclosure starts were at their lowest in more than 17 years, with starts down as much as 90 percent in areas covered by post-hurricane foreclosure action moratoria

According to Black Knight's First Look report for September, the percent of loans delinquent increased 11.9% in September compared to August, and increased 3.0% year-over-year.

The percent of loans in the foreclosure process declined 7.2% in September and were down 30.1% over the last year.

Black Knight reported the U.S. mortgage delinquency rate (loans 30 or more days past due, but not in foreclosure) was 4.40% in September, up from 3.93% in August.

The percent of loans in the foreclosure process declined in September to 0.70%.

The number of delinquent properties, but not in foreclosure, is up 80,000 properties year-over-year, and the number of properties in the foreclosure process is down 151,000 properties year-over-year.

Black Knight: Percent Loans Delinquent and in Foreclosure Process
	Sept 2017	Aug 2017	Sept 2016	Sept 2015
Delinquent	4.40%	3.93%	4.27%	4.87%
In Foreclosure	0.70%	0.76%	1.00%	1.46%
Number of properties:
Number of properties that are delinquent, but not in foreclosure:	2,245,000	2,003,000	2,165,000	2,457,000
Number of properties in foreclosure pre-sale inventory:	358,000	385,000	509,000	737,000
Total Properties	2,603,000	2,388,000	2,674,000	3,194,000