- 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,Â a subsidiary of ATTOM Data SolutionsÂ 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 RealtyTracâ€™sÂ Executive Vice President, Rick Sharga, â€œWhile the increase in foreclosure activity is significant, itâ€™s important to keep these numbers in perspective.
â€œLast yearâ€™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 aÂ lot more dramatic than they are.Â And May foreclosures activity actually declined compared to April.â€
States with Highest Foreclosure Rates in May 2021
The states with the highest foreclosure rates in May 2021 included:
- Nevada â€“ 1 in every 5,535 housing units- Delaware â€“ 1 in every 5,854 housing units
- Illinois â€“ 1 in every 5,903 housing units
- Florida â€“ 1 in every 7,207 housing units
- New Jersey â€“ 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 â€“ I in every 2,402
- Peoria IL â€“ 1 in every 3,030
- Cleveland OH â€“ 1 in every 3,715
- Bakersfield CA â€“ 1 in every 3,774
- Mobile AL â€“ 1 in every 4,174
States with Greatest Monthly Increase in Foreclosure Starts
- Ohio -+96%
- Alabama – +78%
- Michigan – +65%
- Georgia – +61%
- Virginia – +50%
Thanks toÂ ATTOM Data Solutionsâ€™ RealtyTrac.
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