Foreclosures Continue to Hit All-Time Lows
According to ATTOM Data’s latest U.S. Foreclosure Market Report, showing there were 9,702 U.S. properties with foreclosure filings (default notices, scheduled auctions or bank repossessions). This figure was down 11% from December, 2020 and 80% from one year ago. In addition they reported that lenders repossessed 1,428 properties (REOs) in January 2021, down 28% from December and down 86% from last year – marking the 13th consecutive annual decline in completed foreclosures.
Across the country, one in every 14,164 housing units had a foreclosure filing in January, 2021. States with the highest foreclosure rates were:
- Delaware (one in every 4,923)
- Louisiana (one in every 6,581)
- Florida (one in every 7,920)
- Indiana (one in every 8,668)
- Alabama (one in every 8,707).
“The moratorium and CARES Act mortgage forbearance program have effectively prevented millions of seriously delinquent loans from entering the foreclosure process. But it’s important to remember that the number of foreclosures we’re seeing right now doesn’t reflect market reality – and that’s something we’ll need to deal with once these government programs expire.” Said Rick Sharga, RealtyTrac executive vice president.