Why the South is Delinquency Prone

first_img Previous: Delving Into Consumers’ Minds Next: Delving Into Consumers’ Minds Radhika Ojha is an independent writer and copy-editor, and a reporter for DS News. She is a graduate of the University of Pune, India, where she received her B.A. in Commerce with a concentration in Accounting and Marketing and an M.A. in Mass Communication. Upon completion of her masters degree, Ojha worked at a national English daily publication in India (The Indian Express) where she was a staff writer in the cultural and arts features section. Ojha, also worked as Principal Correspondent at HT Media Ltd and at Honeywell as an executive in corporate communications. She and her husband currently reside in Houston, Texas. Sign up for DS News Daily CoreLogic default Delinquencies Foreclosure HOUSING Hurricane Inventory Loan 2018-10-11 Radhika Ojha October 11, 2018 1,723 Views Servicers Navigate the Post-Pandemic World 2 days ago The Best Markets For Residential Property Investors 2 days ago  Print This Post Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Foreclosure and delinquency rates fell to a 12-year low in July, according to the latest loan performance data released by CoreLogic recently. While 4.1 percent of mortgages were in some form of delinquency during this period, foreclosure inventory rate in July stood at 0.5 percent.In July 2017, delinquency rates were at 4.7 percent while foreclosure inventory rate was at 0.7 percent, the report indicated. Additionally, the July 2018 foreclosure inventory rate remained unchanged from April, May and June rates of this year.Looking at the various stages of delinquency, the report revealed that the rate for early-stage delinquencies (30-59 days past due) was 1.9 percent, decreasing from 2.1 percent in July 2017. The share of mortgages that were 60-89 days past due was 0.6 percent, down slightly from 0.7 percent during the same period last year, while serious delinquency rate (90 days or more past due), including loans in foreclosure stood at 1.6 percent, down from 1.9 percent last year.“With the national unemployment rate remaining below 4 percent since July, further declines in U.S. delinquency rates are likely in coming months,” said Dr. Frank Nothaft, Chief Economist for CoreLogic.While none of the states recorded a year-over-year increase, CoreLogic found that several metropolitan areas in Florida and Texas that were still reeling from the impact of last year’s hurricanes recorded month-over-month increases in delinquencies.“The destruction of homes and disruption to local commerce caused by natural disasters lead to a subsequent spike in local delinquency rates, even for homes that were untouched,” Nothaft said.In fact, that’s one of the reasons that the report noted that properties in North Carolina, South Carolina, and Virginia that recently experienced damage from Hurricane Florence may be at risk for early-stage delinquency.“We expect higher delinquency rates in the mid-Atlantic region later this year due to Hurricane Florence, which impacted nearly half a million homes in North Carolina alone. We also see increases in serious delinquency rates in Florida and Texas reflecting the damage of Hurricanes Harvey and Irma,” said Frank Martell, President and CEO of CoreLogic. “In addition, Hawaii will likely experience an increase in delinquency rates as a result of Hurricane Lane and the eruption of Kilauea.” Home / Daily Dose / Why the South is Delinquency Prone Why the South is Delinquency Prone Tagged with: CoreLogic default Delinquencies Foreclosure HOUSING Hurricane Inventory Loan in Daily Dose, Featured, Foreclosure, Newscenter_img Demand Propels Home Prices Upward 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago About Author: Radhika Ojha Demand Propels Home Prices Upward 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago The Best Markets For Residential Property Investors 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Related Articles Share Save Subscribelast_img

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