Foreclosure Activity at Historical Lows Due to Moratoria
According to ATTOM Data’s Q3 2020 U.S. Foreclosure Market Report, foreclosure filings were down 81% from one year ago to the lowest level since they began tracking quarterly filings back in 2008. The report says there were a total of 27,016 properties with foreclosure filings for the quarter. In addition, lenders repossessed 6,076 properties through foreclosure (REO) in Q3, down 22% from Q2 and down 82% from one year ago – another record low since they began tracking. Interestingly, ATTOM says the recent government moratoriums were the source of the low numbers however they cautioned that once those moratoriums are lifted, there will be a “burst of activity.” Indeed…
“Foreclosure activity has, for all intents and purposes, ground to a halt due to moratoria put in place by the federal, state and local governments and the mortgage forbearance program initiated by the CARES Act,” said Rick Sharga, executive vice president of RealtyTrac, an ATTOM Data company. “But it’s important to remember that the numbers we’re seeing today are artificially low, even as the number of seriously delinquent loans continues to increase, and that we’ll see a significant – and probably quite sudden – burst of foreclosure activity once these various government programs expire.”
U.S. Foreclosure Market Data by State – Q3 2020
| Rate Rank | State Name | Total Properties with Filings | 1/every X HU (Foreclosure Rate) | %∆ Q2 2020 | %∆ Q3 2019 | Pre-Recession Avg | %∆ from Pre-Recession Avg |
| U.S. | 27,016 | 5,048 | -11.87 | -81.12 | 278,912 | -90% | |
| 16 | Alabama | 511 | 4,392 | -13.83 | -78.16 | 1,145 | -55% |
| 26 | Alaska | 50 | 6,263 | 28.21 | -80.47 | 275 | -82% |
| 33 | Arizona | 355 | 8,369 | -58.96 | -82.88 | 7,092 | -95% |
| 37 | Arkansas | 123 | 11,073 | -28.49 | -82.85 | 1,311 | -91% |
| 10 | California | 3,750 | 3,756 | -10.22 | -69.26 | 46,235 | -92% |
| 41 | Colorado | 148 | 15,893 | -38.33 | -87.72 | 10,120 | -99% |
| 18 | Connecticut | 322 | 4,697 | -33.74 | -85.56 | 2,445 | -87% |
| 5 | Delaware | 123 | 3,482 | -54.10 | -87.95 | 195 | -37% |
| District of Columbia | 9 | 34,616 | -75.00 | -95.50 | 72 | -88% | |
| 7 | Florida | 2,620 | 3,568 | 3.52 | -83.68 | 31,238 | -92% |
| 13 | Georgia | 1,043 | 4,066 | -4.05 | -81.01 | 14,612 | -93% |
| 36 | Hawaii | 57 | 9,457 | -51.28 | -88.10 | 190 | -70% |
| 38 | Idaho | 62 | 11,480 | -17.33 | -77.54 | 695 | -91% |
| 2 | Illinois | 1,764 | 3,031 | -17.22 | -82.90 | 14,617 | -88% |
| 20 | Indiana | 571 | 5,027 | 29.77 | -81.27 | 7,950 | -93% |
| 11 | Iowa | 369 | 3,758 | 39.77 | -67.46 | 880 | -58% |
| 31 | Kansas | 170 | 7,449 | 30.77 | -79.54 | 714 | -76% |
| 12 | Kentucky | 498 | 3,965 | 58.10 | -61.43 | 1,659 | -70% |
| 14 | Louisiana | 492 | 4,158 | 17.42 | -73.10 | 1,072 | -54% |
| 6 | Maine | 208 | 3,553 | 18.18 | -66.77 | 270 | 662% |
| 8 | Maryland | 683 | 3,569 | -54.07 | -85.92 | 2,288 | -70% |
| 46 | Massachusetts | 83 | 34,732 | -70.14 | -96.20 | 3,624 | -98% |
| 39 | Michigan | 318 | 14,405 | -28.22 | -90.22 | 18,687 | -98% |
| 40 | Minnesota | 162 | 14,941 | -47.40 | -86.08 | 1,854 | -91% |
| 21 | Mississippi | 243 | 5,416 | 200.00 | -72.10 | 286 | -15% |
| 24 | Missouri | 465 | 5,969 | 18.02 | -75.77 | 4,528 | -90% |
| 43 | Montana | 27 | 18,729 | 28.57 | -84.57 | 270 | -90% |
| 34 | Nebraska | 93 | 8,933 | -34.97 | -82.15 | 768 | -88% |
| 42 | Nevada | 74 | 16,690 | -41.73 | -95.02 | 6,722 | -99% |
| 35 | New Hampshire | 68 | 9,279 | 38.78 | -81.22 | 63 | 8% |
| 4 | New Jersey | 1,088 | 3,314 | -27.80 | -86.81 | 7,048 | -85% |
| 3 | New Mexico | 303 | 3,079 | 4.12 | -70.70 | 878 | -65% |
| 30 | New York | 1,193 | 6,946 | 68.74 | -86.35 | 8,831 | -86% |
| 17 | North Carolina | 991 | 4,615 | 9.14 | -81.76 | 5,351 | -81% |
| 48 | North Dakota | 10 | 36,768 | -44.44 | -88.64 | 51 | -80% |
| 9 | Ohio | 1,425 | 3,641 | 5.24 | -80.70 | 20,349 | -93% |
| 15 | Oklahoma | 399 | 4,319 | 7.84 | -74.87 | 2,995 | -87% |
| 45 | Oregon | 65 | 26,931 | -74.90 | -92.95 | 1,953 | -97% |
| 22 | Pennsylvania | 1,026 | 5,530 | -45.07 | -84.13 | 7,085 | -86% |
| 23 | Rhode Island | 84 | 5,564 | -16.83 | -79.95 | 292 | -71% |
| 1 | South Carolina | 965 | 2,339 | 42.12 | -72.13 | 1,282 | -25% |
| 49 | South Dakota | 9 | 42,666 | 80.00 | -82.00 | 10 | -7% |
| 25 | Tennessee | 472 | 6,209 | 18.30 | -76.75 | 6,071 | -92% |
| 19 | Texas | 2,210 | 4,873 | -18.39 | -75.22 | 24,683 | -91% |
| 29 | Utah | 156 | 6,834 | -39.30 | -80.98 | 2,269 | -93% |
| 50 | Vermont | 4 | 83,253 | -63.64 | -96.85 | 6 | -38% |
| 28 | Virginia | 526 | 6,637 | 12.63 | -82.29 | 2,063 | -75% |
| 44 | Washington | 156 | 19,643 | -65.41 | -89.78 | 3,875 | -96% |
| 47 | West Virginia | 25 | 35,629 | -34.21 | -91.50 | 98 | -74% |
| 27 | Wisconsin | 414 | 6,476 | 29.78 | -79.55 | 2,007 | -79% |
| 32 | Wyoming | 34 | 8,088 | -27.66 | -79.27 | 82 | -58% |
Click here to read the full report at ATTOM.com.
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