Foreclosure starts increased 5% m/m and completed foreclosures increased 13% m/m in October.
Foreclosure Activity Continued to Increase in October 2021
RealtyTrac and its parent company ATTOM Data Solutions released its October 2021 US Foreclosure Market Report which indicates that foreclosure activity increased in October 2021. Foreclosure filings or starts (default notices, scheduled auctions or bank repossessions) increased +5% m/m and +76% y/y.
Rick Sharga, executive vice president with RealtyTrac, a subsidiary of ATTOM Data Solutions, said, “As expected, now that the moratorium has been over for three months, foreclosure activity continues to increase. But it’s increasing at a slower rate, and it appears that most of the activity is primarily on vacant and abandoned properties, or loans that were in foreclosure prior to the pandemic.”
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Foreclosure Starts Increased Monthly in 28 States
Lenders initiated the foreclosure process on 10,759 properties in October 2021, an increase of +5% m/m and +115% y/y.
States with the largest monthly increase in foreclosure starts included:
- Pennsylvania – +107%
- North Carolina – +104%
- New Jersey – +61%
- Connecticut – +56%
- Massachusetts – +39%
Sharga said, “Most foreclosure activity for the next few months is likely to be foreclosure starts since virtually nothing entered the foreclosure process during the past year. The ratio of foreclosure starts to foreclosure completions will normalize over time as we get back to normal levels of activity.”
Major metro areas with the greatest number of foreclosure starts in October included:
- New York NY
- Miami FL
- Los Angeles CA
- Houston TX
- Atlanta GA
Foreclosure Completion Numbers Up +13% from September
Lenders repossessed 3.027 properties via completed foreclosures (REOs) in October 2021, an increase of +13% m/m and +17% y/y.
States with the greatest number of REOs in October included:
- Illinois
- California
- Pennsylvania
- Maryland
- Florida
Major metro areas with the greatest number of REOs in October included:
- Louis MO
- Chicago IL
- Baltimore MD
- Philadelphia PA
- New York NY
Thanks to RealtyTrac and Attom Data Solutions.
