RISMedia
  • News
  • Premier
  • Reports
  • Events
  • Power Broker
  • Newsmakers
  • More
    • Publications
    • Education
No Result
View All Result
  • Agents
  • Brokers
  • Teams
  • Marketing
  • Coaching
  • Technology
  • More
    • Headliners New
    • Luxury
    • Best Practices
    • Consumer
    • National
    • Our Editors
Join Premier
Sign In
RISMedia
  • News
  • Premier
  • Reports
  • Events
  • Power Broker
  • Newsmakers
  • More
    • Publications
    • Education
No Result
View All Result
RISMedia
No Result
View All Result

Foreclosure Activity Increases After Moratorium Lifts

Home Latest News
By Jordan Grice
September 10, 2021
Reading Time: 3 mins read
Foreclosure Activity Increases After Moratorium Lifts

Though it’s not the wave economists predicted last year, foreclosure activity did increase once the moratorium finally lifted, according to reports from ATTOM Solutions.
ATTOM released its August 2021 U.S. Foreclosure Market Report on Sept. 9, showing a 27% increase in foreclosure starts in August, the first month since the government moratorium was lifted.

There were 15,838 U.S. properties with foreclosure filings in August, marking a 60% year-over-year increase.

The details:

— Nationally, one in every 8,677 housing units had a foreclosure filing in August 2021.

— These states reported the highest foreclosure rates in August: Illinois (one in every 3,848 housing units), Nevada (one in every 4,738 housing units), New Jersey (one in every 4,868 housing units), Delaware (one in every 5,348 housing units), and Ohio (one in every 5,517 housing units).

— Metro areas with the highest foreclosure rates in August 2021: Bakersfield, California (one in every 1,796 housing units); Atlantic City, New Jersey (one in every 1,886 housing units); Cleveland, Ohio (one in every 2,259 housing units); Rockford, Illinois (one in every 3,037 housing units); and Las Vegas, Nevada (one in every 3,718 housing units).

— Lenders repossessed 2,474 U.S. properties through completed foreclosures (REOs) in August 2021, up 2% from last month and 22% YoY.

The takeaway:

Sources claim they expected foreclosure activity to increase after the government’s foreclosure moratorium was lifted on July 31.

“Anytime you go from a moratorium to none, you’re likely to see an increase out there,” says Eric Spotswood, regional mortgage manager at Prosperity Home Mortgage. “I think that there is going to be a little more of a natural progression because there has been a bit of a backlog that’s out there. When I look at it, the exposure is not what a lot of people think it is.”

According to Spotswood, that’s largely due to a few factors, including the amount of time that pandemic affected borrowers who have had substantial time to figure out their plan of action to avoid foreclosure.

“If they are in an area where they are not going to be able to afford their home, they can put it on the market and sell because there is still very little inventory,” Spotswood adds. “It’s still really easy to get out from under a home, so the need for foreclosure really isn’t there, and people have had enough time to plan because the moratorium was in place for so long.”

According to Rick Sharga, executive vice president at RealtyTrac—an ATTOM company—a deluge of borrowers losing their homes is still unlikely despite predictions that more foreclosures may be on the horizon.

“We’ll continue to see foreclosure activity increase over the next three months as loans that were in default before the moratorium re-enter the foreclosure pipeline, and states begin to catch up on months of foreclosure filings that simply haven’t been processed during the pandemic,” Sharga said in a statement.

Sharga noted that the uptick in foreclosure activity in August was significantly higher compared with July and the same period in 2020, mainly because the pandemic-induced moratorium and forbearance measures were in place.

“Both last year’s and last month’s foreclosure starts were artificially low due to the government’s moratorium,” he said. “But in August of 2019, the last year we had ‘normal’ foreclosure activity, there were almost 28,000 foreclosure starts—over three times more than this year.”

Jordan Grice is RISMedia’s associate content editor. Email him your real estate news to jgrice@rismedia.com.

Tags: ATTOMCoronavirusForeclosureForeclosure MoratoriumHousing MarketIndustry Newsreal estate news
ShareTweetShare

Jordan Grice

Jordan Grice is a senior editor for RISMedia.

Related Posts

Sale or No Sale: Nightmare Scenarios REALTORS® Must Avoid
Agents

Sale or No Sale: Nightmare Scenarios REALTORS® Must Avoid

June 9, 2023
The Power Broker Interview: Donny Samson Shares How a Focus on Learning and Recruiting Supported Success in 2022
Agents

The Power Broker Interview: Donny Samson Shares How a Focus on Learning and Recruiting Supported Success in 2022

June 9, 2023
How Top Producers Leverage the Power of Digital Marketing
Agents

How Top Producers Leverage the Power of Digital Marketing

June 9, 2023
Mortgage Mix: Mega-Lender Sued for Harassment; Foreclosures Rise
Agents

Mortgage Mix: Mega-Lender Sued for Harassment; Foreclosures Rise

June 9, 2023
Preparing Now for What’s Next in Real Estate: A Special Message from RISMedia CEO John Featherston
Agents

Preparing Now for What’s Next in Real Estate: A Special Message from RISMedia CEO John Featherston

June 9, 2023
Multifamily Rents Rise for Third Consecutive Month
Agents

Multifamily Rents Rise for Third Consecutive Month

June 9, 2023

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Tip of the Day

Social Media Savvy: How Fostering a Sense of Authenticity Builds Trust and Credibility

Lauren Matera increased business via the use of social media platforms by $10 million in sales in her first year alone. Passionate about all things social media (with 432K followers on TikTok and 17K followers on Instagram), Matera discussed her best tips with us.

Business Tip of the Day provided by

Recent Posts

  • Sale or No Sale: Nightmare Scenarios REALTORS® Must Avoid
  • The Power Broker Interview: Donny Samson Shares How a Focus on Learning and Recruiting Supported Success in 2022
  • How Top Producers Leverage the Power of Digital Marketing

Categories

  • Spotlights
  • Best Practices
  • Advice
  • Marketing
  • Technology
  • Social Media

The Most Important Real Estate News & Events

Click below to receive the latest real estate news and events directly to your inbox.

Sign Up
By signing up, you agree to our TOS and Privacy Policy.

About Blog Our Products Our Team Contact Advertise/Sponsor Media Kit Email Whitelist Terms & Policies ACE Marketing Technologies LLC

© 2023 RISMedia. All Rights Reserved. Design by Real Estate Webmasters.

No Result
View All Result
  • Home
  • Premier
  • Reports
  • News
    • Agents
    • Brokers
    • Teams
    • Consumer
    • Marketing
    • Coaching
    • Technology
    • Headliners New
    • Luxury
    • Best Practices
    • National
    • Our Editors
  • Publications
    • Real Estate Magazine
    • Past Issues
    • Custom Covers
  • Events
    • Upcoming Events
    • Podcasts
    • Event Coverage
  • Education
    • Get Licensed
    • REALTOR® Courses
    • Continuing Education
    • Luxury Designation
    • Real Estate Tools
  • Newsmakers
    • 2023 Newsmakers
    • 2022 Newsmakers
    • 2021 Newsmakers
    • 2020 Newsmakers
    • 2019 Newsmakers
  • Power Broker
    • 2023 Power Broker
    • 2022 Power Broker
    • 2021 Power Broker
    • 2020 Power Broker
    • 2019 Power Broker
  • Join Premier
  • Sign In

© 2023 RISMedia. All Rights Reserved. Design by Real Estate Webmasters.

Join Premier for as low as $30!

Join Premier
logo-rismedia-white
x
X