Rising Waters, Rising Delinquencies

first_img Seth Welborn is a Reporter for DS News and MReport. A graduate of Harding University, he has covered numerous topics across the real estate and default servicing industries. Additionally, he has written B2B marketing copy for Dallas-based companies such as AT&T. An East Texas Native, he also works part-time as a photographer. Subscribe Delinquency flooding Foreclosure loans 2019-08-13 Seth Welborn in Daily Dose, Featured, Foreclosure, Market Studies, News August 13, 2019 1,431 Views The Week Ahead: Nearing the Forbearance Exit 2 days ago Share Save Rising Waters, Rising Delinquencies Data Provider Black Knight to Acquire Top of Mind 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago About Author: Seth Welborn Related Articles Tagged with: Delinquency flooding Foreclosure loans Demand Propels Home Prices Upward 2 days agocenter_img Data Provider Black Knight to Acquire Top of Mind 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Best Markets For Residential Property Investors 2 days ago Demand Propels Home Prices Upward 2 days ago Sign up for DS News Daily Previous: Innovation Center Launched by Title Company Next: New York Fed Gives Unfavorable Review of Housing Sector Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago The Best Markets For Residential Property Investors 2 days ago Delinquency rates declined by 0.6% year-over-year in May 2019, according to the latest CoreLogic Loan Performance Insights report. 3.6% of mortgages were delinquent by at least 30 days or more including those in foreclosure, compared to 4.2% in May 2018. CoreLogic notes that the overall delinquency rate has fallen on a year-over-year basis for the past 17 consecutive months. “Growth in family income and home prices continues to support low delinquency rates,” said Frank Nothaft, Chief Economist for CoreLogic. “Communities that experienced a rise in delinquencies are generally those that also suffered from natural disasters. Last year’s hurricanes and wildfires, and this spring’s severe flooding from heavy rainstorms and snowmelt have pushed delinquency rates higher in these impacted communities.”Transition rates, or the percent of mortgages moving from one stage of delinquency to the next, remained relatively unchanged in May 2019 compared to May 2018. The current-to-30-day transition rate was 0.8%.Natural disasters proved to be a significant factor in delinquency rates for some parts of the country. According to CoreLogic’s report, 20 of the country’s metropolitan areas posted at least a small annual increase in overall delinquency, notably in areas impacted by flooding this spring in Kentucky, Ohio, Illinois and Indiana.”While the rest of the country experienced record-low mortgage delinquency rates again in May, the Midwest and parts of the Southeast are still experiencing higher rates as they recover from extreme weather,” said Frank Martell, President and CEO of CoreLogic. “Areas in Kentucky and Ohio, which were hit particularly hard this spring with historic flooding, experienced some of the largest annual gains in the country.”By Core Based Statistical Area (CBSA), there were 11 metropolitan areas where the Serious Delinquency Rate increased, and 25 metropolitan areas where the Serious Delinquency Rate remained the same. All the remaining metropolitan areas saw the Serious Delinquency Rate decrease.  Print This Post Home / Daily Dose / Rising Waters, Rising Delinquencieslast_img