Foreclosure filings are way down. There’s a reason

November numbers fell to 10K nationwide despite a scuffling economy

National /
Dec.December 10, 2020 07:00 AM
(iStock)

(iStock)

One of these is not like the others: Homeowners are still struggling to meet their monthly mortgage bills, the coronavirus is on the rise, the economy is scuffling and foreclosures filings are way down.

November foreclosures filings dropped to 10,042, a 14 percent dip from October and an 80 percent drop from the roughly 50,000 filings in November 2019, according to Attom Data Solutions’ latest figures released today.

But homeowners are not suddenly more financially secure.

Homeowners with federally-backed mortgages from Fannie Mae and Freddie Mac still cannot be evicted or foreclosed on, an action that has lasted from the early days of the pandemic. Last week, the Federal Housing Finance Agency again extended that moratorium through January, from the previous Dec. 31 expiration. It could be extended again. Additionally, many states and cities still have foreclosure and eviction bans of their own in place.

Experts say once those temporary measures end, a wave of foreclosures could crash down. In New York City they are already slowly ticking up.

New York had the most foreclosure filings in November with 454, followed by St. Louis with 208, Chicago with 207 and Miami with 151, according to the report. Los Angeles had 147 foreclosure filings.

The overall foreclosure rate, which includes both foreclosure starts and completed actions, was highest in St. Louis, where that affected 1 in every 4,454 housing units. Cleveland was next, at 1 in every 5,368 housing units and Jacksonville, Florida, had the third highest, with 1 in every 5,877 housing units.

Bank repossessions are also down and for similar reasons, according to Attom.

Lenders foreclosed on a total of 2,010 U.S. properties in November. That was a 22 percent drop from October and 86 percent fall year-over-year.

In New York, Gov. Andrew Cuomo issued an executive order in September that prevents residential evictions or foreclosures through January.


Related Articles

arrow_forward_ios
(iStock/Illustration by Kevin Rebong for The Real Deal)
January home prices up 10% in biggest annual gain in 7 years
January home prices up 10% in biggest annual gain in 7 years
(iStock/Illustration by Alexis Manrodt for The Real Deal)
Mortgage rates surge — and refinance applications sink
Mortgage rates surge — and refinance applications sink
(iStock/Illustration by Alexis Manrodt for The Real Deal)
Order up: Real estate investors line up to buy drive-throughs
Order up: Real estate investors line up to buy drive-throughs
Auckland, New Zealand and Shenzhen, China (iStock)
Global luxury home sale prices nudged up in 2020
Global luxury home sale prices nudged up in 2020
Home sales were the busiest January on record, but still the fifth month of decline in a row. (iStock)
Pending home sales fall for fifth consecutive month
Pending home sales fall for fifth consecutive month
(iStock/Illustration by Alexis Manrodt for The Real Deal)
Manhattan job losses in Q3 worst of any large county in the US
Manhattan job losses in Q3 worst of any large county in the US
January is the second consecutive month of increase in new home sales. (Getty)
Sales of new homes up 4.3% in January
Sales of new homes up 4.3% in January
HSBC COO John Hinshaw (Getty, iStock)
HSBC to shrink its office footprint amid shift to WFH
HSBC to shrink its office footprint amid shift to WFH
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...