Foreclosures Spike After Moratorium Ends
15,838 total U.S. property foreclosure filings in August, up 27% from the previous month and up 60% from last year.
- There were a total of 15,838 U.S. properties foreclosure filings, up 27% from the previous month and up 60% from last year.
- States that had the highest foreclosure rates were Illinois, Nevada, and New Jersey.
- Lenders began the foreclosure process on 8,348 U.S. properties in August 2021, up 27% from last month and up 49% from a year ago.
ATTOM released its August 2021 U.S. Foreclosure Market Report, which shows there were a total of 15,838 U.S. properties foreclosure filings, up 27% from the previous month and up 60% from last year. The dramatic spike in foreclosure filings transpired just over a few days, immediately following the Supreme Court’s decision to end the moratorium on August 26, 2021.
In some regions, local eviction courts have become flooded with new cases. Indiana local news outlet, WHTR, reported that in Pike Township, the docket was full for Tuesday with 79 out of 109 cases solely for evictions, which is about 72% of the hearings. Statewide, there are over 93,000 people behind on rent, which totals to over $190 million in rent debt. In Missouri, there are approximately 94,000 households behind on payments, all of whom are vulnerable to eviction or foreclosure now that the moratorium has expired, according to National Equity Atlas.