As the impact from last year’s turbulent hurricane season fades, mortgage delinquencies once again began to decline in November, according to the latest Loan Performance Insights Report from CoreLogic, a property information, analytics and data-enabled solutions provider.
During November, about 5.1% of all U.S. mortgages were in some stage of delinquency, or 30 days or more past due including those in foreclosure, the report showed. This represents a decrease of 0.1 percentage point from the year before, when the delinquency rate was 5.2%.
But while delinquencies may be down overall, serious delinquencies are still up, especially in Texas and Florida.
“The effects of Hurricanes Harvey, Irma and Maria appear clearly in our mortgage delinquency report,” CoreLogic Chief Economist Frank Nothaft said. “Serious delinquency rates are up sharply in Texas and Florida compared with a year ago, while lower in all other states except Alaska.”
“In Puerto Rico, the serious delinquency rate jumped to 6.3% in November, up 2.7 percentage points compared with a year before,” Nothaft said. “In the Miami metropolitan area, serious delinquency was up more than one-third from one year earlier to 5.1%, and it more than doubled to 4.6% in the Houston area.”
The rate of foreclosure inventory, which measures the share of mortgages in some…