Foreclosure Filings Hit All-Time Low

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Real Estate

ATTOM Data Solutions, licensor of the nation’s most comprehensive foreclosure data and parent company to RealtyTrac (www.realtytrac.com), a foreclosure listings portal, today released its Midyear 2020 U.S. Foreclosure Market Report, which shows there were a total of 165,530 U.S. properties with foreclosure filings — default notices, scheduled auctions or bank repossessions — in the first six months of 2020, down 44 percent from the same time period a year ago and down 54 percent from the same time period two years ago.

Bucking the national trend with increasing foreclosure activity compared to a year ago were 10 of the 220 metro areas analyzed in the report, including Stockton, California (up 161 percent); Chico, California (up 61 percent); McAllen, Texas (up 42 percent); Lake Havasu, Arizona (up 39 percent); and Fort Wayne, Indiana (up 21 percent).

“The residential foreclosure market across the nation continues to contract amid a combination of booming housing market conditions before the current Coronavirus pandemic hit and a moratorium on activity while the country struggles to overcome the crisis,” said Ohan Antebian, general manager of RealtyTrac. “Foreclosure starts and completions were already declining rapidly last year because the housing market and the economy were riding so high. Now they’re down to lows not seen for at least 15 years as the federal government has banned lenders from pursuing most delinquent loans until at least the end of August 2020 to help people weather the pandemic. ​Distressed property volume is almost guaranteed to ​increase significantly once the moratorium is lifted because millions of Americans ​missed their mortgage payments ​in June and will continue to because of unemployment. But for now, everything is on hold and the foreclosure numbers reflect that pause.”

More here.

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