Foreclosure Activity Drops to 16-Year Low
According to data from ATTOM Data Solutions, foreclosure filings were reported on just 214,323 U.S. properties in 2020 (ATTOM Data Solutions)
- DOWN BIG TIME: This is down 57% from 2019 and down 93 percent from the peak of nearly 2.9 million in 2010
- LOWEST OF ALL TIME: This is the lowest level since tracking began in 2005
Rick Sharga, Executive Vice President of RealtyTrac, said in a statement, “The government’s moratoria have effectively stopped foreclosure activity on everything but vacant and abandoned properties…While it’s still highly unlikely that we’ll see another wave of foreclosures like the one we had during the Great Recession, we really won’t know how big that backlog is until after the government programs expire.”
Sharga is, of course, referring to the federal eviction moratorium that forbids any landlord from kicking out their tenants. The current policy expires at the end of the month. However, President -elect Joe Biden plans to ask Congress to extend eviction and foreclosure bans until Sept. 30, 2021. So come September we could either see the largest backlog in housing history or the program did work, the economy recovered, and everyone got to stay where they are.