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The U.S. Foreclosure Market Report for 2021 was released by ATTOM Data Solutions, the data showed that compared to the previous quarter foreclosure filings were up 9% but down 78% from last year.
within the first quarter, there was a total of 33,699 foreclosure filings including default notices, scheduled auctions, and bank repossessions.
In March of 2021, there were 11,880 U.S. properties with foreclosure filings, stated the report saying this is the second consecutive month with month-over-month increases in U.S. foreclosure activity.
Delaware, Illinois, Florida, Indiana, and Ohio were the States with the highest foreclosure rate in the first quarter of 2021.
In all these states, every one of 2,500 housing units filed foreclosure. In Q1 2021 lenders repossessed 7,320 U.S. properties through foreclosure (REO), which is 14% higher from the previous quarter but down 87% from the year prior.
Rick Sharga, executive vice president of RealtyTrac, an ATTOM Data Solutions company said, over the past year the foreclosure moratorium on government-backed loans has virtually stopped foreclosure activity.
He added the mortgage servicers, who have begun filing foreclosure for vacant and abandoned properties can explain this sudden increase. He also said that these foreclosures are causing a slight uptick over the past few months.
In Q1 2021 across America, one in every 4,078 housing units had a foreclosure filing.
Sharga noted that foreclosure timelines for owner-occupied homes have been extended by a full year by the CARES Act mortgage forbearance program.
So this extra time will give homeowners who are financially-distressed, the chance to get back on their feet and avoid foreclosure when the government programs expire.
Reference Source: NMP
