Key Highlights

  • ATTOM Data SolutionsJuly 2020 US Foreclosure Market Report indicates foreclosure filings down -4% from June 2020 and -83% from July 2019
  • Foreclosure activity artificially low due to Federal and State moratoria
  • 1 in every 15,337 housing units had foreclosure filing in July 2020

Foreclosure filing activities in July 2020 look deceptively positive in light of the fact that mortgage delinquency rates are rising. The reason?

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Rick Sharga, executive vice president of Realty Trac, a subsidiary of ATTOM Data Solutions, said, “Even as mortgage delinquency rates climb, foreclosure activity continues to be artificially low due to moratoria put in place by the Federal and State governments. It’s inevitable that there will be a significant increase in foreclosures once these moratoria have expired, although it’s unlikely that we’ll see default rates reach the levels we saw during the Great Recession.”

ATTOM Data Solutions’ July 2020 US Foreclosure Market Report indicates that 1 in 15,337 housing units had a foreclosure filing during July 2020. This foreclosure activity is down -4% from foreclosure activity in June and -83% from foreclosure activity in July 2019.

ATTOM pointed to the following states with the highest foreclosure rates in July:

  • Delaware – 1 in every 6,489 units
  • South Carolina – 1 in every 7,328 units
  • Maine 0 1 in every 7,542 units
  • New Mexico – 1 in every 8,255 units
  • California – 1 in every 9,194 units

Outlier states that posted month-to month increases in foreclosure starts included:

  • Connecticut – +54%
  • Michigan – +42%
  • Missouri – +34%
  • Virginia – +32%
  • California – +1%

Large metro areas (population greater than 1M) with the greatest number of foreclosure starts included:

  • Los Angeles – 285 units
  • New York – 190 units
  • Chicago – 182 units
  • Houston – 174 units
  • Atlanta – 125 units

Large metros (Population greater than 1M) with the worst foreclosure rates in July included:

  • Louisville KY
  • Riverside CA
  • Baltimore MD
  • Cincinnati OH
  • Louis MO

Attom pointed to the top 10 zip codes with the highest foreclosure rates among metros with a population of 1,000 or more:

  • 89318 in McGill NV – 1 in every 143 units
  • 89301 in Ely NV – 1 in every 195 units
  • 08609 in Trenton NJ – 1 in every 228 units
  • 45402 in Dayton OH – 1 in every 264 units
  • 36610 in Mobile AL – 1 in every 317 units
  • 45326 in Fletcher OH – 1 in every 359 units
  • 45359 in Pleasant Hill OH – 1 in every 371 units
  • 15675 in Penn PA – 1 in every 373 units
  • 96107 in Coleville CA – 1 in every 381 units
  • 62255 in Lenzburg IL – 1 in every 410 units

 

Thanks to ATTOM Data Solutions.

Also read: Foreclosure Activity Creeping Up by +13% in January 2020, Top Major Metros Increasing & Decreasing in Foreclosure Starts, Cities with Greatest Annual Home Seller Gains in Q2 2020