Industry News

Mortgage delinquencies still high in hurricane areas

But loans entering foreclosure fell in Gulf Coast

Nearly 76,000 homeowners in Louisiana and Mississippi were seriously delinquent on their mortgages at the end of December 2005, according to a preview of an industry survey to be released on Thursday. National mortgage delinquency data from the Mortgage Bankers Association show that overall mortgage delinquencies 30 days past due in the two states have fallen since the month immediately after Hurricane Katrina struck in 2005. Overall mortgage delinquencies were 24.6 percent in Louisiana and 17.4 percent in Mississippi as of the end of September, but have fallen to 20.8 percent in Louisiana and 16.9 percent in Mississippi as of the end of December, according to MBA. As expected, a majority of the loans that were only 30 days delinquent in September are now in the 90 days or more seriously delinquent category. In contrast to the delinquency percentages, and as a result of the mortgage industry's forbearance programs, the number of new foreclosure processes started fell to only 0.16 perc...