Experts Predict Increase, at Worst a Wave, of Foreclosure Activity, but not a Tsunami
A data set reflecting July, the last month of a federal government moratorium on foreclosures, showed a total 12,483 U.S. properties with foreclosure filings—default notices, scheduled auctions, or bank repossessions. The report from ATTOM indicated a 4% decrease in July compared to June but a 40% increase from the previous year. It also showed a 5% month-over-month increase in completed foreclosures in July. Foreclosure volume remained minimal, but what will happen sans those government protections for borrowers in place?
Experts predict an increase, at worst a wave, of foreclosure activity, but not a tsunami, as some had feared during the early days of the foreclosure ban.
“The end of the government’s moratorium won’t result in millions of foreclosures, but we’re likely to see a steady increase in default activity for the balance of the year,” said Rick Sharga, EVP of RealtyTrac, an ATTOM company. “Much of the foreclosure volume will come from the reinstatement of foreclosure proceedings on properties that had already been in default prior to the pandemic, and new foreclosure activity on vacant and abandoned properties.”
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