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Most recent market newsBlack Knight’s Monthly Mortgage Monitor Report, October 2017
The national delinquency rate saw its second consecutive annual rise as Hurricanes Harvey and Irma continued to impact the mortgage market. Overall, delinquencies ticked up 4 basis points from September (a rise that can be directly linked to the storms), while delinquencies fell 14 basis points in non-hurricane impacted areas. Though delinquencies fell in every state except Texas and Florida, in FEMA-declared Harvey and Irma disaster areas, they rose 24 percent (186 basis points). In hurricane-affected areas in Florida, delinquencies climbed an additional 36 percent from September. Over 229,000 past-due loans can now be attributed to Irma (163,000) and Harvey (66,000) representing over 10 percent of the national delinquent loan population. Prepays rebounded from September’s 15 percent drop, climbing 17 percent month-over-month; even so, they were still down more than 25 percent from last year. The total number of loans in active foreclosure fell below 350,000 for the first time since 2006, bringing the national foreclosure rate to 0.68 percent. Though up 11 percent over September, October’s 50,200 foreclosure starts mark the second lowest number of monthly starts since 2004.
View the full report for information on the tax reform impact on mortgage and housing markets.
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