Paused mortgage payments are resuming for many homeowners. Foreclosures and sales are sure to follow.

A federal foreclosure moratorium, which covered about 70% of the nation’s home loans and about 80% of Philadelphia’s mortgages, expired July 31. Housing experts anticipate foreclosures will ramp up in the coming months.

“The end of the government’s moratorium won’t result in millions of foreclosures,” Rick Sharga, executive vice president of RealtyTrac, a subsidiary of ATTOM, said in a statement, “but we’re likely to see a steady increase in default activity for the balance of the year.”

Last month, New Jersey had the third-highest foreclosure rate among the states, according to ATTOM, a real estate data provider. Lenders foreclosed on one in every 4,809 housing units. Nationwide, foreclosures were up 40% in July compared with July 2020 but down 4% from one month earlier.

“The situation will probably fall somewhere in between mild and severe, at least in part because lenders may not want to be seen as grim reapers kicking vulnerable families out of their homes,” Todd Teta, ATTOM’s chief product and technology officer, said in a statement. “We will certainly find out over the coming year.”

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