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Delinquencies tick down in August


Mortgage loan delinquencies and foreclosure starts both declined in August, Black Knight reported.

The U.S. delinquency rate fell by nine basis points to 3.52 percent in August, down from 3.61 percent in July. Overall foreclosure starts at 48,000 were down 0.62 percent after ticking up in July, Black Knight reported.

Delinquencies related to the 2017 hurricanes are waning, the company said, with just 25,100 remaining in the mainland as of August.  

Delinquencies could rise in the wake of Hurricane Florence, however, the company said. Some 391,000 homeowners with mortgages were located in the evacuation area, and about 283,000 homes were in the 18 North Carolina counties declared by the Federal Emergency Management Agency as disaster areas.

“If homeowners face similar per capita impacts to those seen from Hurricanes Harvey and Irma last year, it could result in thousands of mortgage holders falling behind on payments,” Black Knight said. 


 

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