Foreclosures Increase in October, Despite Ongoing Moratorium

ATTOM Data Solutions, a multi-sourced national property database, is reporting that despite a moratorium on foreclosures, in October, 6,042 U.S. properties were in the early phase of the foreclosure process. That is number is up 21% from September but remain -79% below the October 2019 level. However, year-over- year the state of Idaho experienced an increase of 109% and Nebraska 56%. In prepared remarks, Rick Sharga, executive vice president of RealtyTrac, an ATTOM Data Solutions company said, “It’s a little surprising to see foreclosure activity increasing in spite of the various foreclosure moratoria that are in place. It’s likely that many of these properties were already in the early stages of default prior to the pandemic, or are vacant and abandoned, which makes them candidates for expedited foreclosure actions.”