Hurricanes Harvey and Irma had, as of the end of September, resulted in an increase in the mortgage delinquency rate of about 27 basis points, according to the latest Mortgage Monitor report from Black Knight.
According to the mortgage software, data and analytics firm’s latest analysis, the storms had, as of the end of the month, likely accounted for an increase of 135,800 past-due mortgages nationwide.
The combined impacts of these two storms had already surpassed that of Hurricane Katrina in 2005, Black Knight says.
And the mortgage delinquency rate is forecast to increase further in October, when the heaviest impact from Hurricane Irma is expected to be realized.
The delinquency rate as of the end of September stood at 4.40%, an increase of 11.85% compared with August and an increase of 2.96% compared with September 2016, Black Knight reports.
About 2.245 million homes nationwide were 30 days or more post due, an increase of about 242,000 compared with August and an increase of about 80,000 compared with September 2016.
The bulk of the increase was in the FEMA-declared hurricane disaster areas, Black Knight says.
Non-current inventory rose by about 84,000 (48%) in Irma disaster areas and by about 52,000 (67%) in those related to Harvey.
The storms have not only impacted the national mortgage delinquency rate, but also the national rates for new and existing-home sales, as well as new home construction, according to recent reports.
