Foreclosure Starts Increase as Storm-Related Cases are Filed

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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

Click here to read the full report on BlackKnightInc.com.