As was probably inevitable,
foreclosure files rose significantly in the third quarter of 2021 and appeared
to accelerate in the last month of that quarter. The moratorium on foreclosures
which was put in place in March 2020 in response to the COVID-19 pandemic expired
on July 31.ATTOM, in its Q3 2021 U.S.
Foreclosure Market Report says there were 45,517 foreclosure filings – default
notices, scheduled auctions or bank repossessions – during the quarter, a 34
percent increase from Q2 and 68 percent more than in the third quarter of last
year. Over 19,000 of those filings occurred in September, 24 percent more than
in August and slightly more than double (102 percent) the volume in September
2020. “Despite the increased level of
foreclosure activity in September, we’re still far below historically normal
numbers,” said Rick Sharga, executive vice president at RealtyTrac, an ATTOM
company. “September foreclosure actions were almost 70 percent lower than they
were prior to the COVID-19 pandemic in September of 2019, and Q3 foreclosure
activity was 60 percent lower than the same quarter that year. Even with
similar increases in foreclosures over the next few months, we’ll end the year
significantly below what we’d see in a normal housing market.”

 

…(read more)

Forward this article via email:  Send a copy of this story to someone you know that may want to read it.