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FLORIDA
After Irma, Florida Leads in Severe Delinquencies
e state of mortgage delinquencies was a mixture of good news
and bad news as 2017 wrapped up, according to a report by Black
Knight, Inc., a provider of integrated technology, data, and analytics
for lenders and servicers. Black Knight released its First Look at
December 2017's mortgage performance data, revealing that serious
delinquencies increased both month-over-month and year-over-year.
According to Black Knight's report, another 60,000 mortgages
became delinquent by more than 90 days in December 2017, which
adds to a total of approximately 143,000 90-day-plus delinquencies
that can be attributed to Hurricanes Harvey and Irma. at represents
20 percent of the nation's entire stock of severely delinquent mortgage
loans.
Florida has now overtaken Mississippi as the state with the largest
share of severely delinquent (more than 90 days past due) mortgages.
Hurricane Irma's after effects could be felt throughout both Florida
and Georgia in December, with 102,500 severely delinquent loans in
those states directly attributable to Irma. In Texas, 40,200 severely
delinquent loans could be traced back to damages from Hurricane
Harvey.
After Florida, the five states with the most severely delinquent
mortgage loans in December 2017 were Mississippi, Louisiana, Texas,
and Alabama.
e overall delinquency rate, tracking loans 30 days or more past
due, but not yet in foreclosure, increased 3.47 percent in December
month-over-month, reaching its highest level since early 2016.
However, Black Knight reports that foreclosure starts decreased to
44,500 in December, the lowest number since the Great Recession.
e inventory of loans in active foreclosure is also slowly improving,
dropping by 152,000 year-over-year, which amounts to a 32 percent
decline. e number of properties that are 90 or more days overdue,
but not in active foreclosure, came in at 726,000 in December, up by
44,000 year-over-year.
