August 2021 U.S. Foreclosure Activity Rises Following The End Of The Foreclosure Moratorium
Foreclosure Starts Increase 27 Percent from Last Month; While Completed Foreclosures Increase 22 Percent from Last Year
IRVINE, Calif., Sept. 9, 2021 /PRNewswire/ — ATTOM, licensor of the nation’s most comprehensive foreclosure data and parent company to RealtyTrac (www.realtytrac.com), the largest online marketplace for foreclosure and distressed properties, released its August 2021 U.S. Foreclosure Market Report, which shows there were a total of 15,838 U.S. properties with foreclosure filings — default notices, scheduled auctions or bank repossessions — up 27 percent from a month ago and up 60 percent from a year ago. Numbers reflect the first month since the government moratorium has lifted.
“As expected, foreclosure activity increased as the government’s foreclosure moratorium expired, but this doesn’t mean we should expect to see a flood of distressed properties coming to market,” said Rick Sharga, Executive Vice President at RealtyTrac, an ATTOM company. “We’ll continue to see foreclosure activity increase over the next three months as loans that were in default prior to the moratorium re-enter the foreclosure pipeline, and states begin to catch up on months of foreclosure filings that simply haven’t been processed during the pandemic. But it’s likely that foreclosures will remain below normal levels at least through the end of the year.”
Illinois, Nevada, and New Jersey had the highest foreclosure rates
Nationwide one in every 8,677 housing units had a foreclosure filing in August 2021. States with the highest foreclosure rates were Illinois (one in every 3,848 housing units with a foreclosure filing); Nevada (one in every 4,738 housing units); New Jersey (one in every 4,868 housing units); Delaware (one in every 5,348 housing units); and Ohio (one in every 5,517 housing units).