Foreclosures resuming as moratoriums expire

Foreclosures resuming as moratoriums expire

Foreclosures resuming as moratoriums expire
A moratorium on evictions and foreclosures put in place on most lenders at the height of the coronavirus pandemic have helped keep the number of distressed properties in the U.S. a historically low levels this summer. But that may soon be changing.

ATTOM Data Solutions reported last week in its August 2020 U.S. Foreclosure Market Report that U.S. properties with foreclosure filings, including default notices, scheduled auctions or bank repossessions, were up 11 percent over the course of the month.

A total of 5,599 U.S. properties started the foreclosure process last month, up 24 percent from July but still a whopping 80 percent less than a year ago.

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

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