80% Annual Decline in Foreclosures Show Prevention Measures are Working

The various types of foreclosure filings – default notices, scheduled auctions, and actual lender repossessions – declined in November. RealtyTrac, a subsidiary of ATTOM Data Solutions said the aggregate of these legal actions totaled 10,042 during the month. This is a decline of 14 percent from October and 80 percent from a year earlier. Much of the downturn can be attributed to the foreclosure moratoria which have been extended beyond the end of this year. “It’s not unusual to see foreclosure activity slow down beginning in November and through the holiday season,” said Rick Sharga, executive vice president at RealtyTrac, an ATTOM Data Solutions company. “Both foreclosure starts and repossessions were down about 80 percent on a year-over-year basis, but it might be worth noting that a few cities that may be vulnerable to the pandemic-driven flight from urban areas to the suburbs – like New York City, Chicago, and Miami – were among the markets with the highest levels of foreclosure actions.”

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MND NewsWire

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