Hurricane Florence Could Halt the Carolinas Declining Mortgage Delinquencies
Mortgage delinquencies across the board were reportedly down in June 2018, however, the impending hurricane Florence could halt the decline in mortgage delinquencies for the Carolinas.
"Neighborhoods impacted by similar disasters in 2018 should also expect to see a spike in delinquencies in the coming year," said Frank Martell, president and CEO of CoreLogic, said in a press release, according to National Mortgage News.
"With storms and wildfires currently impacting multiple areas of the country, homeowners, lenders and servicers should remain vigilant of potential impacts, particularly those in California, Hawaii and the Rocky Mountain and Gulf Coast states.”
With improvements to the economy, defaults began to fall in the Carolinas and other areas across the country. However, the Florence could very well bring that to a halt.
"Hurricane Florence is now forecast to pause late this week just off North Carolina's coast and turn left -- a development that would still smash the Tar Heel State with life-threatening storm surge and winds while putting more of South Carolina in greater danger," according to CNN.
We will be providing an update on the impact that Florence once the storm has passed. To learn more about the possible effects the storm may have, click on the image above.
