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Past-due mortgages increase in wake of hurricanes

by Alison McAvoy

The number of non-current mortgages and mortgage delinquencies in the U.S. rose significantly in September, in large part due to Hurricanes Harvey and Irma.

Delinquencies have increased significantly since both storms have hit, climbing higher than they’ve been since July 2010. Non-current mortgages, or those at least 30 days past-due or in active foreclosure, increased by 214,000, or 9 percent.

During September, there were 2.245 million properties that were 30 or more days past due but not in foreclosure, 242,000 more than the July total and 80,000 more than September 2016. Those that were 90 or more days past due but were not in foreclosure totaled 576,000, up 19,000 from August but down 92,000 year-over-year.

Areas hit by Harvey in Texas saw a 67 percent uptick in non-current inventory, while ravaged parts of Florida saw a 48 percent increase after Irma hit.

 

 

 

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