+36% Jump in Foreclosure Starts During May

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Key Highlights

  • Foreclosure starts jumped +36% y/y in May
  • Foreclosure filings dropped -8% m/m but increased +23% y/y

Foreclosure Activity Picking Up

According to RealtyTrac, a subsidiary of ATTOM Data Solutions and its May 2021 US Foreclosure Market Report, foreclosure starts (step one in the foreclosure process) in the US jumped +36% y/y in May 2021.

Also, according to this latest foreclosure report, foreclosure filings (default notices, scheduled auctions or bank repossessions dropped -8% m/m but remained up +23% y/y.

These percentages translate into one in every 12,700 housing units having a foreclosure filing in May.

Recent Foreclosure Activity Needs Perspective

According to RealtyTrac’s Executive Vice President, Rick Sharga, “While the increase in foreclosure activity is significant, it’s important to keep these numbers in perspective.

“Last year’s numbers were extraordinarily low due to the implementation of the foreclosure moratorium and the CARES Act mortgage forbearance program, so the year-over-year numbers look a  lot more dramatic than they are.  And May foreclosures activity actually declined compared to April.”

States with Highest Foreclosure Rates in May 2021

The states with the highest foreclosure rates in May 2021 included:

  • Nevada – 1 in every 5,535 housing units- Delaware – 1 in every 5,854 housing units
  • Illinois – 1 in every 5,903 housing units
  • Florida – 1 in every 7,207 housing units
  • New Jersey – 1 in every 7,679 housing units

Metros with Highest Foreclosure Rates in May 2021

The metros with at least 200,000 people having the highest foreclosure rates in May 2021 included:

  • Champaign IL – I in every 2,402
  • Peoria IL – 1 in every 3,030
  • Cleveland OH – 1 in every 3,715
  • Bakersfield CA – 1 in every 3,774
  • Mobile AL – 1 in every 4,174

States with Greatest Monthly Increase in Foreclosure Starts

  • Ohio -+96%
  • Alabama – +78%
  • Michigan – +65%
  • Georgia – +61%
  • Virginia – +50%

Thanks to  ATTOM Data Solutions’ RealtyTrac.

 

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