ATTOM Data Solutions’ U.S. Foreclosure Market Report for the first quarter of 2021 shows there were 33,699 U.S. properties with
foreclosure filings in the first quarter of 2021, up 9 percent from the previous quarter, but down 78 percent year-over-year.
The report also found foreclosure filings in March were up 5 percent from February but down 75 percent from March 2020.
“The foreclosure moratorium on government-backed loans has virtually stopped foreclosure activity over the past year. But mortgage servicers have been able to begin foreclosing actions on vacant and abandoned properties,” RealtyTrac Executive Vice President Rick Sharga said in a release. “It’s likely that these foreclosures are causing the slight uptick we’ve seen over the past few months.”
The states with the highest foreclosure rates in the first quarter were Delaware (one in every 1,705 housing units with a foreclosure filing); Illinois (one in every 2,175 housing units); Florida (one in every 2,237 housing units); Indiana (one in every 2,397 housing units); and Ohio (one in every 2,500 housing units).
Among metropolitan areas with a population of at least 200,000, those with the highest foreclosure rates in the first quarter were Lake Havasu City, Ariz. (one in every 518 housing units); Provo, Utah (one in 1,280); McAllen, Texas (one in 1,297); Shreveport, La. (one in 1,353); and Atlantic City (one in 1,441).
Those states with the greatest quarterly increase in foreclosure starts and with 500 or more foreclosure starts in the first quarter included California (up 36 percent); Ohio (up 25 percent); North Carolina (up 15 percent); Virginia (up 11 percent); and South Carolina (up 10 percent).
States with the longest average foreclosure timelines in the first quarter were Arizona (1,939 days); New Jersey (1,764 days); New York (1,691 days); Pennsylvania (1,654 days); and Hawaii (1,650 days). The states with the shortest average time were West Virginia (48 days); Montana (76 days); Nebraska (112 days); Mississippi (132 days); and Missouri (189 days).
“The government’s foreclosure moratorium, and the CARES Act mortgage forbearance program have extended foreclosure timelines for owner-occupied homes by a full year,” Sharga said. “Hopefully, this extra time will give financially-distressed homeowners the chance to get back on their feet, and work with their lenders to avoid a foreclosure when the government programs expire