Key Highlights
- ATTOM Data Solutions analysis indicates from 225,000 to 500,000 homeowners nationally could face possible foreclosure throughout remainder of 2021
- Likely, cases in foreclosure process could surge +100% from current level of approximately 145,000 to 336,00 in Q2 2021
ATTOM Data Solutions recently published its analysis of a potential surge in foreclosure activity throughout 2021. ATTOM’s projections are ominous…anywhere from 225,000 to 500,000 homeowners could face possible foreclosure over the coming eighteen months.
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Most likely ATTOM believes that the number of households experiencing the foreclosure could easily double from the current number, 145,000, to roughly 336,000 by Q2 2021. (Remember that 600,000 to 950,000 homes faced potential foreclosure from 2008 to 2011.)
ATTOM based its projections on unemployment forecasts, the percentages of delinquent loans that lenders initiate and purse in court and the number of households that could weather a job loss. ATTOM also factored into these foreclosure projections its own data collection in May that showed home values either remained flat or began dipping in at least half of the country.
Obviously, projections are not guarantees. Congress could mitigate some of potential damage if it comes to some kind of rapprochement concerning major aid to struggling homeowners (along with additional aid for renters and small businesses) and extended eviction moratoriums.
ATTOM’s most likely or mid-level outlook concerning foreclosure activity predicts that some 336,000 homes will be hit by Q2 2021 with foreclosure cases rising in almost all 50 states and at least doubling in 34 states.
By region, ATTOM’s most likely scenario for foreclosure activity shows the following:
- +3X foreclosure activity in the West
- +2X foreclosure activity in the Northeast and West
- +80% foreclosure activity in the South.
ATTOM projected that 14 states would see at a potential increase of at least threefold in potential foreclosure filings from now throughout 2021. Hardest hit among this 14 states are…
- Colorado – spikes from 1,107 to 5.103 or +361%
- Massachusetts – spikes from 2,512 to 11,228 or +347%
- California – spikes from 10,566 to 39,894 or +277%
- Michigan – spikes from 3,284 to 12,740 or +288%
- Minnesota – spikes from 1,056 to 4,091 or 287%
ATTOM projected that the states that may experience the least damage from spikes in foreclosure filings included:
- Kentucky – Filings would remain constant at 1,358
- Maryland – spikes from 5.034 to 7,455 or +48%
- New Mexico – spikes from 1,129 to 1,685 or 49%
- Oklahoma – spikes from 1,941 to 2,945 or 52%
- Florida – spikes from 19.034 to 31,494 or +65%
Thanks to ATTOM Data Solutions.
Also read: UK Housing Market to End 2020 -15% Below 2019, Housing Markets in Northeast & Florida Extremely Vulnerable to COVID-19 Impacts, Top Major Metros Increasing & Decreasing in Foreclosure Starts
