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News from earlier this week
Monday, December 4
- The national delinquency rate saw its second consecutive annual rise as Hurricanes Harvey and Irma continued to impact the mortgage market.
- Overall, delinquencies ticked up 4 basis points from September (a rise that can be directly linked to the storms), while delinquencies fell 14 basis points in non-hurricane impacted areas.
- Though delinquencies fell in every state except Texas and Florida, in FEMA-declared Harvey and Irma disaster areas, they rose 24 percent (186 basis points).
- In hurricane-affected areas in Florida, delinquencies climbed an additional 36 percent from September.
- Over 229,000 past-due loans can now be attributed to Irma (163,000) and Harvey (66,000) representing over 10 percent of the national delinquent loan population.
- Prepays rebounded from September’s 15 percent drop, climbing 17 percent month-over-month; even so, they were still down more than 25 percent from last year.
- The total number of loans in active foreclosure fell below 350,000 for the first time since 2006, bringing the national foreclosure rate to 0.68 percent.
- Though up 11 percent over September, October’s 50,200 foreclosure starts mark the second lowest number of monthly starts since 2004.
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