Connect Media > California News > Orange County > U.S. Foreclosure Filings Plummet to Record Low

October 16, 2020 Comments (0) Views: 913 California News, Orange County, West

U.S. Foreclosure Filings Plummet to Record Low

Order Reprints...

Research by Irvine, CA-based ATTOM Data Solutions shows foreclosure filings were recorded on a total of 27,016 U.S. properties in its Q3 2020 U.S. Foreclosure Market Report. The number of default notices, scheduled auctions or bank repossessions are down 12% from the previous quarter and down 81% from a year ago to the lowest level since the company began tracking quarterly filings in Q1 2008.

“Foreclosure activity has, for all intents and purposes, ground to a halt due to moratoria put in place by the federal, state and local governments and the mortgage forbearance program initiated by the CARES Act,” said Rick Sharga, EVP of RealtyTrac, an ATTOM Data company. “But it’s important to remember that the numbers we’re seeing today are artificially low, even as the number of seriously delinquent loans continues to increase, and that we’ll see a significant – and probably quite sudden – burst of foreclosure activity once these various government programs expire.”

The report also shows there were a total of 9,707 U.S. properties with foreclosure filings in September 2020, down 2% from the previous month and down 80% from September 2019.

U.S. Foreclosure Market Data by State – Q3 2020

Rate 
Rank

State Name

Total 
Properties with 
Filings

1/every X HU 
(Foreclosure Rate)

%∆ Q2 
2020

%∆ Q3 
2019

Pre-
Recession 
Avg

%∆ from 
Pre-
Recession 
Avg

U.S.

27,016

5,048

-11.87

-81.12

278,912

-90%

16

Alabama

511

4,392

-13.83

-78.16

1,145

-55%

26

Alaska

50

6,263

28.21

-80.47

275

-82%

33

Arizona

355

8,369

-58.96

-82.88

7,092

-95%

37

Arkansas

123

11,073

-28.49

-82.85

1,311

-91%

10

California

3,750

3,756

-10.22

-69.26

46,235

-92%

41

Colorado

148

15,893

-38.33

-87.72

10,120

-99%

18

Connecticut

322

4,697

-33.74

-85.56

2,445

-87%

5

Delaware

123

3,482

-54.10

-87.95

195

-37%

District of 
Columbia

9

34,616

-75.00

-95.50

72

-88%

7

Florida

2,620

3,568

3.52

-83.68

31,238

-92%

13

Georgia

1,043

4,066

-4.05

-81.01

14,612

-93%

36

Hawaii

57

9,457

-51.28

-88.10

190

-70%

38

Idaho

62

11,480

-17.33

-77.54

695

-91%

2

Illinois

1,764

3,031

-17.22

-82.90

14,617

-88%

20

Indiana

571

5,027

29.77

-81.27

7,950

-93%

11

Iowa

369

3,758

39.77

-67.46

880

-58%

31

Kansas

170

7,449

30.77

-79.54

714

-76%

12

Kentucky

498

3,965

58.10

-61.43

1,659

-70%

14

Louisiana

492

4,158

17.42

-73.10

1,072

-54%

6

Maine

208

3,553

18.18

-66.77

27

662%

8

Maryland

683

3,569

-54.07

-85.92

2,288

-70%

46

Massachusetts

83

34,732

-70.14

-96.20

3,624

-98%

39

Michigan

318

14,405

-28.22

-90.22

18,687

-98%

40

Minnesota

162

14,941

-47.40

-86.08

1,854

-91%

21

Mississippi

243

5,416

200.00

-72.10

286

-15%

24

Missouri

465

5,969

18.02

-75.77

4,528

-90%

43

Montana

27

18,729

28.57

-84.57

270

-90%

34

Nebraska

93

8,933

-34.97

-82.15

768

-88%

42

Nevada

74

16,690

-41.73

-95.02

6,722

-99%

35

New 
Hampshire

68

9,279

38.78

-81.22

63

8%

4

New Jersey

1,088

3,314

-27.80

-86.81

7,048

-85%

3

New Mexico

303

3,079

4.12

-70.70

878

-65%

30

New York

1,193

6,946

68.74

-86.35

8,831

-86%

17

North Carolina

991

4,615

9.14

-81.76

5,351

-81%

48

North Dakota

10

36,768

-44.44

-88.64

51

-80%

9

Ohio

1,425

3,641

5.24

-80.70

20,349

-93%

15

Oklahoma

399

4,319

7.84

-74.87

2,995

-87%

45

Oregon

65

26,931

-74.90

-92.95

1,953

-97%

22

Pennsylvania

1,026

5,530

-45.07

-84.13

7,085

-86%

23

Rhode Island

84

5,564

-16.83

-79.95

292

-71%

1

South 
Carolina

965

2,339

42.12

-72.13

1,282

-25%

49

South Dakota

9

42,666

80.00

-82.00

10

-7%

25

Tennessee

472

6,209

18.30

-76.75

6,071

-92%

19

Texas

2,210

4,873

-18.39

-75.22

24,683

-91%

29

Utah

156

6,834

-39.30

-80.98

2,269

-93%

50

Vermont

4

83,253

-63.64

-96.85

6

-38%

28

Virginia

526

6,637

12.63

-82.29

2,063

-75%

44

Washington

156

19,643

-65.41

-89.78

3,875

-96%

47

West Virginia

25

35,629

-34.21

-91.50

98

-74%

27

Wisconsin

414

6,476

29.78

-79.55

2,007

-79%

32

Wyoming

34

8,088

-27.66

-79.27

82

-58%

 

Connect With ATTOM Data’s Sharga


Get CRE News in 150 words

For comments, questions or concerns, please contact Dennis Kaiser

Tags: , , , , , , , ,

Comments are closed.