The number of foreclosure filings in the U.S. climbed 34 percent in Q3 from the previous quarter but remains close to 60 percent lower than pre-pandemic norms. ATTOM released its Q3 2021 U.S. Foreclosure Market report this week which showed that there were a total of 45,517 new default notices filed, scheduled auctions or bank repossessions during the period. This is up 68 percent from a year ago when foreclosures were virtually frozen due to COVID-19 programs implemented by most lenders.
“Despite the increased level of foreclosure activity, we’re still far below historically normal numbers,” said Rick Sharga, executive vice president at ATTOM company RealtyTrac. “September foreclosure actions were almost 70 percent lower than they were prior to the COVID-19 pandemic in September 2019, and Q3 foreclosure activity was 60 percent lower than the same quarter that year.”
California led the nation in new filings in the last quarter with 3,434 foreclosure starts.
Meanwhile, conforming no-point 30-year fixed mortgage rates are averaging 2.875 percent and 15-year rates are near 2.25 percent.
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