JACKSONVILLE (970 WFLA) -- They may not be underwater, in any sense of the word, but a lot of Florida homeowners and lenders could face mortgage troubles because of Irma.
New data from Black Knight Financial Services, a Jacksonville company serving the lending industry, shows 90 percent of all mortgaged properties in our state are in the Irma disaster zone.
Homeowners affected by Irma owe more than half a trillion dollars in unpaid principal balances. But Andy Walden, Black Knight's director of market research, says moratoriums and other plans to assist borrowers will likely help Florida avoid another foreclosure crisis.
"The good news is... we've been in recovery mode.. home prices are recovering nationally... foreclosure volumes are beginning to drop...from an economic perspective, a little bit better shape to deal with this than four or five years ago," Walden says.
Irma's disaster footprint includes nearly three times as many unpaid mortgages than the Harvey impact zone. Walden says Florida could face more concerns because home prices haven't rebounded as quickly as those in Texas. The number of mortgaged properties affected by Irma is seven times the number affected by Katrina in 2005.