Experts predict foreclosures to rise by end of year, here’s how you can avoid one
Prior to the expiration of the federal foreclosure moratorium in July, data shows that foreclosure activity decreased slightly last month. However, experts predict it could begin to increase throughout the second half of 2021.
There were more than 12,000 properties with foreclosure filings, or default notices, scheduled auctions or bank repossessions, in July, according to ATTOM Data Solution’s July 2021 U.S. Foreclosure Market Report, which was released on Aug. 17. This is down 4% from the previous month but up 40% from 2020.
“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,” Rick Sharga, the executive vice president of RealtyTrac, a subsidiary of ATTOM, said. “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.”