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Hurricane Harvey wreaks new damage on Texas homeowners as mortgage delinquencies soar

according to new data from real estate analytics company CoreLogic. The percentage of mortgage loans across Texas that were delinquent by 30 days or more rose during those months for the first time since December 2011, CoreLogic said. Borrowers who were at ...

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By Richard Webner January 15, 2018 Updated: January 15, 2018 6:02pm Photo: William Luther /San Antonio Express-News Storm-damaged Rockport, Texas homes are seen in this Sunday, Aug25, 2017 aerial photoMortgage delinquency rates soared in September and October in many of the coastal and other cities flooded by Harvey, including Houston, Beaumont and Corpus Christi, according to new data from real estate analytics company CoreLogic. Storm-damaged Rockport, Texas homes are seen in this Sunday, Aug... Hurricane Harvey, which ravaged the Gulf coastline in late August, left the finances of many Texas homeowners equally damaged as a rising number of borrowers in parts hit hardest by the storm struggled to stay current on their mortgages. /**/ p.saen-newsletter-signup-head { font-weight: bold; font-family: Georgia, serif; text-align: center; margin-bottom: 5px; font-size: 20px; } div.saen-newsletter-signup-box { float: left; font-family: Georgia, serif; font-size: 20px; line-height: 2; margin: 10px 0; text-align: center; width: 100%; border-top: 2px solid #BBBFBF; border-bottom: 2px solid #BBBFBF; padding-bottom: 10px; margin-bottom: 10% } @media (min-width: 768px) { div.saen-newsletter-signup-box { margin-right: 3%; min-height: 6em; width: 100%; padding-top: .5em; font-size: 20px; } } p.saen-newsletter-signup-box { margin: 0; width: 100%; font-size: 18px; } @media (max-width: 340px) { p.saen-newsletter-signup-box { font-size: 18px; margin-top: .2em; margin-bottom: .2em; } } p.saen-newsletter-signup-box span { color: #BA141A; margin-top: .2em; margin-bottom: .2em; } button.saen-newsletter-signup-box, button.saen-newsletter-signup-box a { color: #fff; cursor: pointer; font-size: 18px; font-weight: bold; background: #BA141A; padding: .5em; margin-top: .5em; margin-bottom: .5em; font-family: Georgia, serif; border: 5px; } @media (max-width: 499px) { img.saen-newsletter-signup-box { max-width: 75%; } } div.saen-newsletter-signup-box-subscribe { align-self: flex-end; border-style: solid; width: 100%; } Express Newsletters Get the latest news, sports and food features sent directly to your inbox. Sign up document.addEventListener('DOMContentLoaded', function() { try { ens_countImpression('Most Popular','impression','most_popular|most_popular|0'); } catch(err) { console.error(err); } }, false); Most Popular 1 San Antonio’s storm over — but ice remains 2 Warning as icy storm nears: Stay off the road 3 Brockhouse tempers criticism of McManus 4 Alamo Trust to hold open meetings in wake of transparency... 5 Businesses shut down for icy weather Mortgage delinquency rates soared in September and October in many of the coastal and other cities flooded by Harvey, including Houston, Beaumont and Corpus Christi, according to new data from real estate analytics company CoreLogicThe percentage of mortgage loans across Texas that were delinquent by 30 days or more rose during those months for the first time since December 2011, CoreLogic saidBorrowers who were at least one payment behind rose to 6.8 percent across the state during those two months, up from 5.5 percent the year before, CoreLogic found. Areas hit hardest by Harvey seemed to drive state delinquency rates higherDelinquency rates across Houston, where Harvey dumped almost 52 inches of rain — almost doubled to 10.9 percent in October from 5.8 percent during the same month in 2016, the company saidThe serious delinquency rate — loans that are 90 days or more past due — rose to 2.6 percent from 2 percent in Houston. Governor Greg Abbott estimated total damages from Harvey at around $180 billion. Even in the San Antonio-New Braunfels metro area, 140 miles inland, the 30-day delinquency rate ticked up by 0.3 percentage points in September to 6.4 percent, and by 0.2 percentage points in October, to 6.3 percentThat’s the first time the local rate has risen since January 2012. It’s hard to say whether Harvey had an impact on the Alamo City’s delinquency rate, said Frank Nothaft, CoreLogic’s chief economistThe hurricane brought little more than a drizzle to San Antonio, but CoreLogic’s data covers parts of the local metro area that were closer to the damage, including Wilson and Atascosa counties. /**/ The local rate increase is a surprise to Jack Inselmann, who analyzes the local housing market for MetrostudyIn a presentation earlier this month, he noted that San Antonio is in the midst of its best run of job growth everHome sales figures have not yet been released for December, but it’s almost certain that the local market set a sales record in 2017. “I can’t think of anything that would make that happen,” he said of the rate increases“Maybe it’s some sort of unexplainable blip … we’ll see what follows in the remaining months.” To be sure, the local rate is still low by historical standards — it peaked at 10.7 percent in January 2010, and it spent most of the past 15 years above 7 percent, according to CoreLogicNothaft pointed out that the serious delinquency rate continues to decline, dropping to 1.9 percent in October from 2 percent the year before. “What’s important is the serious delinquency rate moved lower,” he said“Serious delinquency, in my mind, is a better measure of total financial stress that families with mortgages are under.” Home prices have been growing fast in San Antonio over the last few years, climbing by 8.5 percent in November to a median of $216,900, according to the San Antonio Board of Realtors. The delinquency rates for the Austin and Dallas metros continued to fall in September and OctoberNationally, the 30-day delinquency rate declined slightly in October, to 5.1 percent from 5.2 percent the year before. /**/ Lenders don’t seem to be returning to the loose credit standards that helped cause the housing crisis of a decade ago, Nothaft said. CoreLogic’s national housing credit index — which measures credit risk for new home loans, based on credit scores and debt-to-income levels for borrowers— rose substantially in the third quarter of last year, to 111.1 from 93.1, according to a news release from DecemberThe index is roughly where it was between 2001 and 2003, before it soared to more than 220 in the years before the housing crisis. Nothaft said the subprime lending that took place before the housing crisis doesn’t seem to be coming back. “We really haven’t seen a return to that kind of high-risk lending,” he said. Richard Webner is a San Antonio Express-News staff writerRead more of his stories here| | @RWebner Richard Webner Business reporter Local In race against the clock, Will Hurd gets co-sponsors for his Local San Antonio’s storm over — but ice remains Local As ice storm hit, TxDOT kept watch on collisions throughout San Local San Antonio man convicted in 2015 ‘Hell’s Gate’ killing var HDN = HDN || {}; { "id": 12499696, "site": "premiummysa", "type": "article" }); $(document).ready(function () { return hst_get_fprefs(this); }); (function (v, s) { v.type = 'text/javascript'; v.async = !0; v.src = location.protocol !== 'https:' ? 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