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| The delinquency rate of Federal Housing Administration-insured loans in the five states affected by Rita and Katrina exceeds 17 percent, with the Pelican State accounting for about half of it.
FHA loans in the hurricane-impacted areas that are four months past due totaled 52,426 as of Oct. 31, 2005, according to an e-mailed statement by the Department of Housing and Urban Development. The delinquency rate for the entire region is 17.54%. Nearly half — 25,949 — of those loans belong to borrowers in Louisiana, which leads the pack with a FHA delinquency rate of 45.37%, HUD said. Mississippi has the second highest FHA delinquency rate — 21.98% — with 7,292 loans, followed by Alabama’s 17.50% rate with 2,561, and Texas’ 10.75%, reflecting 11,582 delinquent government-insured loans, according to the statement. Meanwhile, Florida has the lowest delinquency rate of the five states, at 5.85% with 5,042 FHA loans past due, the statement said. |
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Coco Salazar is an assistant editor and staff writer for MortgageDaily.com.e-mail: MortgageWriter@aol.com |
