The three major hurricanes that caused so much devastation during August and September was largely responsible for the third-quarter increase in mortgage delinquencies, NationalMortgageNews.com reported. The seasonally adjusted delinquency rate of 4.88 percent was 64 basis points higher than the second quarter, according to the Mortgage Bankers Association's National Delinquency Survey. The 30-day delinquency rate was responsible for 50 basis points of that increase, said Marina Walsh, the MBA's vice president of industry analysis, in a press release. Compared with one year ago, delinquencies were 36 basis points higher. Read more.
This year’s hurricane season has become one of the most destructive in recent memory. To provide assistance to those affected and direct others in how you can help, ABI encourages you to visit our Hurricane Relief webpage.
