Foreclosure Rate Sees Monthly Decrease; Still Up Annually
By Kelly Leighton | Dec. 27, 2021 | 2 min. read
November foreclosure filings decreased 5% from October, but are up 94% from last November.
According to ATTOM’s November 2021 U.S. Foreclosure Market Report, 19,479 properties had a foreclosure filing in November, marking the seventh month in a row of year over year increases. As a reminder, there was an eviction mortarium still in place November 2020, which ended in August 2021, which helps account for the large annual jump. Across the country, one in every 7,055 properties had a foreclosure filing, compared to October, when one in every 6,675 properties had a foreclosure filing.
“After an initial surge following the end of the government’s moratorium, it appears that foreclosure activity may be slowing down as we move towards the end of the year,” said Rick Sharga, executive vice president of RealtyTrac. “Despite concerns about a pandemic-driven wave of defaults, mortgage delinquency rates and foreclosure starts have continued to decline due to government and industry programs, and a recovering U.S. economy.”
Foreclosure starts also saw a monthly decrease, but an annual increase. Approximately 10,471 properties had the foreclosure process started in November, down 3% from October, but up 99% year over year. Repossession numbers also dropped from October. The report found that lenders repossessed 2,292 properties, down 24% from October, which is the first month since May to see a drop. However, annually, repossessions were up 14%.
Pennsylvania had one of the highest completed foreclosure numbers in the U.S. with 132. Of metro areas with a population of 200,000 or more, Philadelphia, especially, saw a high number, with 51, a decrease from 72 in October, and still behind just Chicago, New York and Detroit.
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