【World Property Journal】Mortgage Delinquencies Tripled in Recently Affected Natural Disaster Regions in U.S.

Based on CoreLogic's annual Natural Hazard Report, tornadoes, hurricanes, floods and wildfires typically bring an increase in mortgage delinquency rates across the U.S., taking 12 or more months before normalizing to pre-disaster rates.

After 2017 Hurricanes Harvey, Irma and Maria, serious delinquency rates on home mortgages tripled in the Houston, Texas, and Cape Coral, Florida, metropolitan areas and quadrupled in San Juan, Puerto Rico. Serious delinquency rates spiked by more than 50% in the Santa Rosa and Chico, California metro areas after the 2017 Tubbs Fire and 2018 Camp Fire.

"While 2019 was not the most catastrophic year to-date, it demonstrated a continuing trend of higher losses," said Tom Larsen, Principal, Industry Solutions. "Affected communities experience an ensuing ripple effect from natural disasters, which is why continuously improving the data and analytics surrounding these catastrophes is so important in making our society more resilient. Understanding the past is critical to contending with the risk of the future."

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