Foreclosure filings fell 4% in July from a month earlier, but remained 40% higher from the same point last year, according to a new report.
The July 2021 U.S. Foreclosure Market Report was released today by ATTOM, parent company of RealtyTrac.com. The report said there were 12,483 U.S. properties with foreclosure filings, which include default notices, scheduled auctions or bank repossessions. It noted that the numbers reflect the last month before the federal government lifted its foreclosure moratorium.
“The end of the government’s moratorium won’t result in millions of foreclosures, but we’re likely to see a steady increase in default activity for the balance of the year,” said Rick Sharga, executive vice president of RealtyTrac. “Much of the foreclosure volume will come from the reinstatement of foreclosure proceedings on properties that had already been in default prior to the pandemic, and new foreclosure activity on vacant and abandoned properties.
Nationwide, one in every 11,009 housing units had a foreclosure filing in July 2021, ATTOM said. States with the highest foreclosure rates were Nevada (one in every 3,626 housing units with a foreclosure filing); Delaware (one in every 4,206 housing units); New Jersey (one in every 4,809 housing units); Kansas (one in every 5,609 housing units), and Illinois (one in every 6,381 housing units).
Among the 220 metropolitan statistical areas with a population of at least 200,000, those with the highest foreclosure rates in July 2021 were Atlantic City, N.J. (one in every 2,290 housing units with a foreclosure filing); Macon, Ga. (one in every 2,853 housing units); Las Vegas, Nev. (one in every 2,884 housing units); Cleveland, Ohio (one in every 3,658 housing units); and Champaign, Ill. (one in every 3,802 housing units).
The report also said foreclosure starts increased in July from June in 23 states, with lenders starting the foreclosure process on 6,572 U.S. properties. That was down 4 percent from the previous month but up 45% from a year earlier.
To read the full report, click here.
