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Thursday, Jan 18, 2018
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Tampa Bay’s mortgage delinquency rate crept up in September

Times Staff Writer

The percentage of Tampa Bay homeowners who are late on their mortgage payments rose slightly in September, probably due to Hurricane Irma. According to CoreLogic, 7 percent of bay area mortgages were delinquent by at least 30 days compared to 6.4 percent a year earlier.

Nationally, September’s early-stage delinquency rate increased by 0.3 percent from a year ago, the largest increase since June 2009.

"This does not reflect a deterioration in credit, but rather the impact of the hurricanes in Texas, Florida and Puerto Rico," said Frank Nothaft, CoreLogic’s chief economist. But, he added, early-stage delinquencies in September were much lower than in New Orleans after Hurricane Katrina in 2005.

RELATED COVERAGE: Hurricane Irma hurt some Tampa Bay home sales even in October

On a positive note, the percentage of Tampa Bay homeowners who were "seriously delinquent" in September — at least 90 days late — dropped a full percentage point to 2.8 percent from a year earlier. Just 1 percent of bay area homes with mortgages were in some stage of foreclosure compared to 1.6 percent a year earlier.

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Tampa Bay’s mortgage delinquency rate crept up in September