Foreclosures down in July but above 2020 levels

Foreclosures down in July but above 2020 levels

Foreclosures down in July but above 2020 levels
The coronavirus pandemic, including all the homeowner protections introduced as a result, greatly reduced the number of foreclosures in the U.S. in 2020. The current number of foreclosure filings is some 40 percent higher than last year when the nation was in the throes of the first wave of COVID-19 lockdowns. ATTOM’s newly released July 2021 U.S. Foreclosure Market Report shows that there was a total of 12,483 U.S. properties with foreclosure filings – default notices, scheduled auctions or bank repossessions.

Experts don’t anticipate the lifting of foreclosure moratoriums to result in a surge of filings though. Homeowner equity has grown significantly over the past year giving borrowers the opportunity to sell their property at a profit ahead of any adverse action from the bank.

Meanwhile, conforming no-point 30-year fixed mortgage rates are averaging 2.75 percent and 15-year rates are near 2.00 percent.

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