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
(L-R) Four Seasons Sotheby’s International Realty's Gary DiMauro, Redfin's New York market manager Matthew Frary; Four Seasons Sotheby’s International Realty President Laurie Mecier-Brochu and CEO Alan DiStasio are expanding their Hudson Valley footprint (Redfin, Four Seasons Sotheby’s International Realty)
Battle for Hudson Valley heats up as Sotheby’s, Redfin seek to cash in
Battle for Hudson Valley heats up as Sotheby’s, Redfin seek to cash in
Click, bid, buy: Suffolk County breaks precedent with virtual auction
Click, bid, buy: Suffolk County breaks precedent with virtual auction
Click, bid, buy: Suffolk County breaks precedent with virtual auction
A Hyde Park home that nearly hangs over Hudson River asks $45M
Hyde Park home nearly hanging over Hudson River asks $45M
Hyde Park home nearly hanging over Hudson River asks $45M
The Centre at Purchase and George Comfort & Sons CEO Peter Duncan (George Comfort & Sons)
George Comfort & Sons escapes foreclosure on Westchester office campus
George Comfort & Sons escapes foreclosure on Westchester office campus
Drone Photo by Frank Galasso, Vertical Media
DeNardo Capital loses Westchester condo project to UCC foreclosure
DeNardo Capital loses Westchester condo project to UCC foreclosure
Connecticut, Long Island projects show how pandemic has changed real estate
Connecticut, Long Island projects show how pandemic has changed real estate
Connecticut, Long Island projects show how pandemic has changed real estate
Westport office building trades hands for $15M
Westport office building trades hands for $15M
Westport office building trades hands for $15M
Hudson Valley housing market remains hot in Q3
Hudson Valley housing market remains hot in Q3
Hudson Valley housing market remains hot in Q3
arrow_forward_ios

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

Loading...