In Black Knight’s “First Look” for March, 2018 they report that as 2017’s hurricane impact shifts away from delinquencies, foreclosure starts rose by nearly 12% – mostly in the hurricane-impacted areas of Florida & Texas. However, overall, active foreclosure inventory continues to shrink, falling by 10k loans in March to its lowest level since late 2006. Black Knight derives their mortgage performance statistics from its loan-level database representing the majority of the national mortgage market.
Key takeaways:
- Nationally, there was a decline of 65,000 in serious delinquencies
- Serious delinquencies attributable to Hurricanes Harvey and Irma saw a reduction of 19,500 loans
- However, as the hurricane impact shifts away from delinquencies, foreclosure starts rose by 12%
- More than two-thirds of that increase came from hurricane-affected areas of Texas and Florida
