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Home › Financial › Report: Foreclosures climb in February, still historically low | New

Report: Foreclosures climb in February, still historically low | New

By Meghan Everett
April 8, 2021
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Seizure filings in the United States saw a slight increase in February, but they are still down considerably from a year ago, thanks to moratoriums on pandemic foreclosures.

According to ATTOM data solutions February 2021 US Foreclosure Market Report, there were 11,281 properties with foreclosure filings in February, up 16% from January, but down 77% from a year ago.

“Extensions to the federal government’s foreclosure moratorium and the CARES Act mortgage forbearance program continue to keep foreclosure activity at an all-time low,” RealtyTrac Executive Vice President Rick Sharga said in a statement. RealtyTrac is an ATTOM Data Solutions company. “These government actions, and the efforts of lenders and mortgage service companies, have helped millions of homeowners avoid foreclosure amid a year-long global pandemic and recession that resulted in the loss of 22 million jobs. ”

The states with the highest foreclosure rates in February were Utah (one in 3,883), Delaware (one in 5,219), Florida (one in 6,232), Illinois (one in 6,232), of 6,336) and Louisiana (one in 7,923), according to the report.

Among cities over 200,000 residents, the highest foreclosure rates were in Provo, Utah (one in 787 households), Shreveport, Louisiana (one in 1,951), Lake Havasu, Arizona, (one in 2,247) , Cleveland, Ohio, (one in 3,943) and Florence, SC, (one in 3,980).

Foreclosure starts rose between January and February in 29 states.

“The government moratorium prohibits foreclosures on government guaranteed loans for homeowners, and forbearance program borrowers are also protected from foreclosure measures,” Sharga said. “But loans on commercial property, investment property, and vacant and abandoned properties don’t always have the same protections. Perhaps that is why we are seeing a slight increase in foreclosure starts despite government programs.

States that saw a decline in foreclosures from January to February are Indiana (down 75%), Colorado (down 75%), South Dakota (down 67%), Utah (down 67%) and Alabama (down 56%).

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