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Mortgage servicers started 8,348 foreclosures during the month, up more than 27% from 6,572
While the numbers show activity has risen notably since the U.S. moratorium was discontinued, they also suggest it could be awhile before pre-pandemic norms are re-established. While some aspects of loan workouts have been streamlined, others have new restrictions.
“It’s likely that foreclosures will remain below normal levels at least through the end of the year” as a result of these developments, said Rick Sharga, executive vice president at Attom affiliate RealtyTrac, in a press release.
States with the highest levels of foreclosure filings last month were California (1,240), Texas (1,060), Florida (643), Illinois (506) and New York (479). New York’s numbers for September could be lower as it recently
The total number of properties with foreclosure filings in August was up 27% from the previous month and 60% from a year ago at 15,838, Attom reported. Foreclosure filings include notices of default, bank repossessions and scheduled auctions.
Properties repossessed through completed foreclosures also increased last month. At 2,474, these were up 2% from July and by 22% compared to a year ago. The largest increases were in New York (136%), followed by Michigan (62%), Illinois (24%), Florida (19%) and Texas (13%).