Foreclosures down 81 percent from last year

Foreclosures down 81 percent from last year

Foreclosures down 81 percent from last year
Foreclosures in the U.S. ground to a halt as the nation grappled with the sudden onset of the coronavirus pandemic. And while many lenders have resumed repossessions, foreclosure filings remain 81 percent lower than they were a year ago.

According to ATTOM Data Solutions Q3 2020 U.S. Foreclosure Market Report, there were a total of 27,016 properties with foreclosure filings including default notices, scheduled auctions or bank repossessions. This is the lowest level recorded since tracking began in 2008.

Experts warn, however, that the current low rate of foreclosure filings may be artificially low as government moratoria still remains in effect for some borrowers.

Meanwhile, conforming no-point 30-year fixed mortgage rates are averaging 2.875 percent and 15-year rates are near 2.5 percent.

Do you have a question for Real Estate & Mortgage Analyst Mehran Aram? Submit your queries about a home purchase, refinance, or reverse mortgage via Aramco.biz, social media (#AramcoReport), or over the phone at (866) 381-8888 and your questions may be featured in an upcoming article.