Foreclosure starts increased 12 percent to a total of 52,100 in March as later-stage hurricane-related delinquencies began to roll over into active foreclosure starts. The report by First Look on Mortgage performance released by Black Knight, noted that more than two-thirds of these foreclosure starts were in hurricane-impacted areas of Florida and Texas.
Despite the increase, national delinquency rates dropped to a 12-month low of 3.73 percent, in March and continued improvements in hurricane-related delinquencies, according the report.
The month of March is typically a calendar—year low for delinquencies. Delinquencies declined 13 percent during March, which can be partially attributed to borrowers using their tax returns to help bring their mortgage current. The report also noted that serious delinquencies fell by 65,000, and by nearly 20,000 in areas impacted by the hurricanes last year.
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