How many pandemic forbearances ultimately transition into foreclosures won’t be clear for months, but early indications are that activity involving older loans is up, according to Attom Data Solutions.
Foreclosure filings — which include default notices, bank repossessions and scheduled auctions — accounted for 12,483 properties in July, down 4% from June but a 40% jump
While foreclosure proceedings will increase going forward with the government’s moratorium expired,
“Increased numbers of foreclosure starts may not result in a similar number of bank repossessions,” Sharga said. “Homeowner
One in every 11,009 homes sat in a stage of the foreclosure process in July, but mortgage turmoil
Broken down by the 220 metro areas with populations above 200,000, Atlantic City, N.J., had the highest foreclosure rate at one in every 2,290 units. Macon, Ga., and Las Vegas trailed at one in every 2,853 and 2,884 units, respectively.
Some housing markets saw severe increases in foreclosure starts year-over-year. Among those with populations above 1 million and at least 100 starts in July, New York surged 134% annually, followed by 55%
Lender repossessions grew 5% monthly and 12% from the year before, totaling 2,418 properties in July. Illinois compiled the most REOs at 230, then came 172 in Florida, and 149 in Pennsylvania.