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Foreclosures Up Post-Moratorium

by Kelly Leighton on

Foreclosure rates saw a steep increase as the foreclosure moratorium was lifted at the end of September, but have not reached pre-pandemic rates.

According to ATTOM, 45,517 U.S. properties had foreclosure filings in the third quarter of 2021, up 34% from the second quarter of 2021 and an increase of 68% from the second quarter of 2020, when there was still an active moratorium. In September alone, there were 19,609 U.S. properties with foreclosure filings, an increase of 24% from August and up 102% from September 2020. However, foreclosure rates are nearly 70% below September 2019, and down 60% from the third quarter of 2019 before the COVID-19 pandemic.

The foreclosure process is typically taking longer than in the past as well. For the third quarter of 2021, the process took 924 days, up two days from the second quarter, but up 94 days, or 11%, year to year. Ultimately, one in every 7,008 properties had a foreclosure filing in September. Lenders completed the foreclosure process on 2,682 properties nationwide, an increase of 8% from August and 33% from September 2020. Banks repossessed 7,574 properties, up 22% from the previous quarter and an increase of 46% from a year ago. Pennsylvania had one of the highest rates in the country of REOs at 480.

The commonwealth ranked 31st in terms of foreclosure numbers. In the third quarter, 1,269 properties, or just under 3% of the national total, had foreclosure filings in Pennsylvania. Foreclosure rates were up 9.68% from the second quarter of 2021 and up 21.43% year over year. One in every 4,486 homes in Pennsylvania had a foreclosure filing.

“Even with increases in foreclosures over the next few months, we’ll end the year significantly below what we’d see in a normal housing market,” said Rick Sharga, executive vice president at RealtyTrac, an ATTOM company.

Topics

Foreclosures Foreclosure
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