Following the aftermath of Hurricanes Harvey and Irma, the amount of non-current mortgages and mortgage delinquencies in Texas and Florida have risen significantly since this past September.
Since the storms hit, disaster-afflicted areas have seen a 9 percent spike in the amount of homes whose mortgages are 30 days past-due or are in active foreclosure. Areas hit by Harvey in Texas saw a 67 percent uptick in non-current inventory, while ravaged neighborhoods in Florida saw a 48 percent increase after Irma hit.
Residents from these areas are also finding it difficult to pay their mortgages on time. Delinquencies have increased significantly since both storms have hit, climbing higher than they’ve been since July 2010.
Before Harvey and Irma, Texas and Florida were ranked 20th and 22nd on the list of states with the highest amounts of non-current mortgage rates. Now, they’re third and fifth, respectively.
Despite the impact of Hurricane Harvey on the city, home sales are still 2.3 percent ahead of 2016 on a year-to-date basis, according to a Houston Association of Realtors report earlier this week.