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MortgagePoint » Your Trusted Source for Mortgage Banking and Servicing News 62 December 2024 J O U R N A L last year. The seriously delinquent rate increased five basis points for conventional loans, increased 46 basis points for FHA loans, and increased 19 basis points for VA loans from the previous quarter. Compared to a year ago, the seri- ously delinquent rate decreased by three basis points for conventional loans, increased by 29 basis points for FHA loans, and increased by 27 basis points for VA loans. The five states with the largest quarterly increases in their overall delinquency rate were: • Texas (24 basis points) • Arkansas (14 basis points) • Florida (13 basis points) • Arizona (12 basis points) • Wyoming (9 basis points) "While delinquencies remain low by historical standards, the composi- tion of loans in delinquency is chang- ing, with more 60-day delinquencies and 90-day-plus delinquencies across all major loan types, compared to last quarter and one year ago," Walsh said. What Does the Delinquency Land- scape Look Like for 2024? Walsh noted that the effects of Hur- ricanes Helene and Milton will likely appear in the next reporting period of the MBA's National Delinquency Survey, given the timing of the storms at the end of September and the begin- ning of October. According to the National Hurri- cane Center (NHC), Hurricane Helene, the eighth named storm of the season, made landfall as a Category 4 hurri- cane in Florida's Big Bend region at approximately 11:10 p.m. EDT Friday, September 27, with estimated sus- tained winds at 140 miles per hour. Helene hit the shore in Florida, just east of the mouth of the Aucilla River, approximately 10 miles southwest of Perry, Florida. CoreLogic's Hazard HQ Command Central estimates Hurricane Helene's insured wind and storm surge losses to be between $3 billion and $5 billion, with significant uncertainty due to the wind field. Losses include damage to buildings, contents, and business interruption for residential, commercial, industrial, and agricul- tural property. The f lood losses do not include precipitation-induced inland f looding and exclude losses to the National Flood Insurance Program (NFIP). CoreLogic's estimate does not include damage to offshore property. CoreLogic's initial residential and commercial wind and f lood loss estimates for Hurricane Milton found that industrywide, insured wind and f lood losses from Hurricane Milton are expected to be between $17 billion and $28 billion, and that total amount of damage, including losses to uninsured property, will be between $21 billion and $34 billion. Q3 U.S. FORECLOSURE SNAPSHOT A ccording to ATTOM's October 2024 U.S. Foreclosure Market Report, 30,784 properties in the U.S. had foreclosure filings, such as default notifications, scheduled auctions, or bank repossessions. This represents an 11% decrease from a year ago but a 4% increase from a month ago. "Foreclosure activity remains challenging for U.S. homeowners, with starts and completed foreclosures up in October," said Rob Barber, CEO of ATTOM. "As we approach 2025, the recent Fed rate cut, and the new admin- istration could impact mortgage rates and market stability. While seasonal factors may slow things down brief ly, we'll be watching closely to see how these recent dynamics affect the market in the coming year." Highest Foreclosure Rates Found in Western, Southern States The states with the highest foreclo- sure rates were: 1. South Carolina (one in every 3,272 housing units) 2. California (one in every 3,152 hous- ing units) 3. Florida (one in every 3,086 housing units) 4. New Jersey (one in every 3,059 housing units) 5. Nevada (one in every 2,741 housing units with a foreclosure filing) In October, there was a foreclosure filing for one out of every 4,578 housing units nationwide. California Metros Lead in Highest Foreclosure Rates Among the metro areas with a population of at least 200,000, those with the highest foreclosure rates in October were: 1. Vallejo, CA (one in every 1,464 hous- ing units with a foreclosure filing) 2. Bakersfield, CA (one in every 1,640 housing units) 3. Chico, CA (one in every 1,724 hous- ing units) 4. Stockton, CA (one in every 1,802 housing units) 5. Lakeland, FL (one in every 1,894 housing units) The metro areas with a population greater than 1 million with the worst foreclosure rates in October were: 1. Riverside, CA (one in every 1,978 housing units) 2. Cleveland, OH (one in every 2,186 housing units) 3. Fresno, CA (one in every 2,247 housing units) 4. Indianapolis, ID (one in every 2,293 housing units) 5. Las Vegas, NV (one in every 2,314 housing units)