{"id":8386,"date":"2023-07-25T02:41:41","date_gmt":"2023-07-25T02:41:41","guid":{"rendered":"https:\/\/imsfund.com\/?p=8386"},"modified":"2023-07-25T02:41:41","modified_gmt":"2023-07-25T02:41:41","slug":"foreclosure-activity-continues-to-steadily-increase-as-covid-era-policies-end","status":"publish","type":"post","link":"https:\/\/imsfund.com\/index.php\/2023\/07\/25\/foreclosure-activity-continues-to-steadily-increase-as-covid-era-policies-end\/","title":{"rendered":"Foreclosure Activity Continues to Steadily Increase as COVID-Era Policies End"},"content":{"rendered":"<p> <br \/>\n<\/p>\n<div :class=\"{ 'hidden': $store.proContent.showFullPrompt() }\">\n<section class=\"px-4 relative border border-slate-200 mobile-toc lg:hidden\" x-data=\"{open:false}\">\n<button x-on:click=\"open = !open\" class=\"flex items-center gap-4 my-2 border-none w-full\"><br \/>\n<svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"h-6 w-6\" fill=\"none\" viewbox=\"0 0 24 24\" stroke=\"currentColor\" stroke-width=\"2\"><path stroke-linecap=\"round\" stroke-linejoin=\"round\" d=\"M4 8h16M4 16h16\"\/><\/svg><\/p>\n<h2 class=\"font-semibold text-slate-800 text-base m-0 js-toc-ignore\">In this article<\/h2>\n<p><\/button><\/p>\n<\/section>\n<p><span data-preserver-spaces=\"true\">Foreclosures across the U.S. are on the rise and nearing pre-pandemic levels, according to real estate data firm ATTOM.<\/span><\/p>\n<p><a class=\"editor-rtfLink\" href=\"https:\/\/www.attomdata.com\/news\/market-trends\/foreclosures\/attom-mid-year-2023-u-s-foreclosure-market-report\/\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">ATTOM\u2019s midyear foreclosure activity report<\/span><\/a><span data-preserver-spaces=\"true\">\u00a0found that foreclosure activity has been gradually increasing over the last few quarters as COVID-related policies have ended.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Across the U.S., 0.13% of all housing units foreclosed in the first half of 2023. Foreclosures are up 13% from the same period in 2022 and up 185% from the same period two years ago.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">\u201cSimilar to the first half of 2022, foreclosures activity across the United States maintained its upward trajectory, gradually approaching pre-pandemic levels in the first half of 2023,\u201d Rob Barber, CEO of ATTOM, said in a\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.housingwire.com\/articles\/foreclosure-activity-ticks-up-in-the-first-half-of-2023\/\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">statement<\/span><\/a><span data-preserver-spaces=\"true\">.<\/span><\/p>\n<h2 class=\"wp-block-heading\"><span data-preserver-spaces=\"true\">Foreclosure Trend Could Continue but Remains Below Pre-Recession Levels<\/span><\/h2>\n<p><span data-preserver-spaces=\"true\">One of the reasons for the rise in foreclosures is that housing relief measures put in place during 2020 to assist homeowners struggling to pay their mortgages ended in May.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">While foreclosures in the second quarter of 2023 are below pre-2008 recession levels in 78% of major markets, there\u2019s been a notable uptick in the last six months. A total of 97,608 properties filed for foreclosure during the second quarter of 2023, far below pre-Great Recession quarter averages of 278,912.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Still, the rise in foreclosures could continue, said Barber. Properties that have started the foreclosure process were up 15% from the first half of 2021 and up 36% from the first half of 2020.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">\u201cAlthough overall foreclosure activity remains below historical norms, the notable surge in foreclosure starts indicates that we may continue to see a rise in foreclosure activity in the coming years,\u201d Barber said.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Lenders foreclosed on a total of 22,672 properties in the first half of 2023, which was up 9% from the first half of 2022 and 133% from the first half of 2021, but down 40% from the first half of 2020.<\/span><\/p>\n<h2 class=\"wp-block-heading\"><span data-preserver-spaces=\"true\">States With Largest Foreclosures in First Half of 2023<\/span><\/h2>\n<p><span data-preserver-spaces=\"true\">So, which states saw the greatest increase in foreclosure activity in the first half of the year when compared to year-over-year numbers? That would be Maryland, which saw an uptick of 100%, followed by:<\/span><\/p>\n<ul>\n<li><span data-preserver-spaces=\"true\">Oregon, at 99%\u00a0<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Alaska, with a rise of 95%<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">West Virginia, which increased 83%<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Arkansas, which was up 72%<\/span><\/li>\n<\/ul>\n<p><span data-preserver-spaces=\"true\">The states with the highest foreclosure rates were Illinois, which saw 0.25% of all housing units with a foreclosure filing. New Jersey, Maryland, Delaware, and Ohio also all had high foreclosure rates.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">While foreclosure activity was below pre-recession averages for most metro areas, it was above average in:<\/span><\/p>\n<ul>\n<li><span data-preserver-spaces=\"true\">Honolulu<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Richmond, Virginia<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Baltimore<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Virginia Beach, Virginia<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Albany, New York<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Montgomery, Alabama<\/span><\/li>\n<\/ul>\n<p><span data-preserver-spaces=\"true\">Cleveland and Atlantic City, New Jersey tied for the largest foreclosure filing among the 223 metropolitan statistical areas with a population of at least 200,000 in the first half of the year, at 0.33%, followed by Fayetteville, North Carolina, and Columbia, South Carolina at 0.30% and 0.29, respectively.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">California, Florida, Texas, New York, and Illinois all had the greatest number of foreclosure starts, which indicates there could be an increase in foreclosures in those states in the coming quarters.<\/span><\/p>\n<h2 class=\"wp-block-heading\"><span data-preserver-spaces=\"true\">Top 10 States With Highest Foreclosure Filings<\/span><\/h2>\n<figure class=\"wp-block-table is-style-regular\">\n<table>\n<thead>\n<tr>\n<th>State Name<\/th>\n<th>Total Properties With Filings<\/th>\n<th>% of Housing Units<\/th>\n<th>% Increase from Jan \u2013 June 2022<\/th>\n<th>% Increase from Jan \u2013 June 2021<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td><span style=\"font-weight: 400;\">Illinois<\/span><\/td>\n<td><span style=\"font-weight: 400;\">13,619<\/span><\/td>\n<td><span style=\"font-weight: 400;\">0.25<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-3.32<\/span><\/td>\n<td><span style=\"font-weight: 400;\">175.47<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">New Jersey<\/span><\/td>\n<td><span style=\"font-weight: 400;\">9,094<\/span><\/td>\n<td><span style=\"font-weight: 400;\">0.24<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-0.9<\/span><\/td>\n<td><span style=\"font-weight: 400;\">241.88<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Maryland<\/span><\/td>\n<td><span style=\"font-weight: 400;\">5,858<\/span><\/td>\n<td><span style=\"font-weight: 400;\">0.23<\/span><\/td>\n<td><span style=\"font-weight: 400;\">99.66<\/span><\/td>\n<td><span style=\"font-weight: 400;\">410.72<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Delaware<\/span><\/td>\n<td><span style=\"font-weight: 400;\">1,004<\/span><\/td>\n<td><span style=\"font-weight: 400;\">0.23<\/span><\/td>\n<td><span style=\"font-weight: 400;\">11.18<\/span><\/td>\n<td><span style=\"font-weight: 400;\">123.61<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Ohio<\/span><\/td>\n<td><span style=\"font-weight: 400;\">10,546<\/span><\/td>\n<td><span style=\"font-weight: 400;\">0.2<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-4.37<\/span><\/td>\n<td><span style=\"font-weight: 400;\">156.03<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">South Carolina<\/span><\/td>\n<td><span style=\"font-weight: 400;\">4,511<\/span><\/td>\n<td><span style=\"font-weight: 400;\">0.19<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-1.25<\/span><\/td>\n<td><span style=\"font-weight: 400;\">173.73<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Florida<\/span><\/td>\n<td><span style=\"font-weight: 400;\">18,530<\/span><\/td>\n<td><span style=\"font-weight: 400;\">0.19<\/span><\/td>\n<td><span style=\"font-weight: 400;\">5.14<\/span><\/td>\n<td><span style=\"font-weight: 400;\">136.02<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Nevada<\/span><\/td>\n<td><span style=\"font-weight: 400;\">2,402<\/span><\/td>\n<td><span style=\"font-weight: 400;\">0.19<\/span><\/td>\n<td><span style=\"font-weight: 400;\">6.33<\/span><\/td>\n<td><span style=\"font-weight: 400;\">161.94<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Indiana<\/span><\/td>\n<td><span style=\"font-weight: 400;\">5,254<\/span><\/td>\n<td><span style=\"font-weight: 400;\">0.18<\/span><\/td>\n<td><span style=\"font-weight: 400;\">8.96<\/span><\/td>\n<td><span style=\"font-weight: 400;\">142.12<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Connecticut<\/span><\/td>\n<td><span style=\"font-weight: 400;\">2,437<\/span><\/td>\n<td><span style=\"font-weight: 400;\">0.16<\/span><\/td>\n<td><span style=\"font-weight: 400;\">23.14<\/span><\/td>\n<td><span style=\"font-weight: 400;\">191.51<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/figure>\n<h2 class=\"wp-block-heading\"><span data-preserver-spaces=\"true\">The Bottom Line<\/span><\/h2>\n<p><span data-preserver-spaces=\"true\">While foreclosures rose in the first half of 2023, we are still far below the average foreclosure rates seen before the 2008 recession. It\u2019s likely that we will see a rise in foreclosures in the coming quarters or even years as homeowners adjust to pandemic relief measures ending, but there\u2019s no reason to think that the real estate market is crashing anytime soon.\u00a0<\/span><\/p>\n<div id=\"hero-block_62df1a82bfc88\" class=\"first:mt-0 hero-block py-4    has-background has-slate-200-background-color has-text-color has-theme-gold-color\">\n<div class=\"gap-10 lg:gap-20 flex flex-wrap lg:flex-nowrap max-w-screen-xl mx-auto px-4 relative lg:items-center \">\n<div class=\"relative z-30 lg:w-1\/2 \">\n<main class=\"py-4\"><\/p>\n<p class=\"has-slate-800-color has-text-color has-large-font-size\" style=\"font-style:normal;font-weight:800\">Find an Agent in Minutes<\/p>\n<p class=\"my-3 md:my-5 lg:my-8 has-slate-900-color has-text-color\" style=\"font-size:18px\">Match with an investor-friendly agent who can help you find, analyze, and close your next deal.<\/p>\n<p><\/main>\n<\/div>\n<div class=\"lg:w-1\/2 first:mt-0 relative h-full lg:flex lg:items-center\">\n<img decoding=\"async\" class=\"object-cover w-full relative z-20 my-0  rounded-md hidden lg:block\" src=\"https:\/\/bpimg.twic.pics\/https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2022\/08\/Agent-Finder-Block-2.png\" alt=\"find an investment-friendly real estate agent\" title=\"Foreclosure Activity Continues to Steadily Increase as COVID-Era Policies End 2\"\/>\n<\/div>\n<\/div>\n<\/div>\n<p class=\"italic\"><b>Note By BiggerPockets:<\/b> These are opinions written by the author and do not necessarily represent the opinions of BiggerPockets.<\/p>\n<\/div>\n<p><br \/>\n<br \/><a href=\"https:\/\/www.biggerpockets.com\/blog\/foreclosure-activity-continues-to-steadily-increase-as-covid-era-policies-end\">Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>In this article Foreclosures across the U.S. are on the rise and nearing pre-pandemic levels, according to real estate data firm ATTOM. ATTOM\u2019s midyear foreclosure activity report\u00a0found that foreclosure activity has been gradually increasing over the last few quarters as COVID-related policies have ended. Across the U.S., 0.13% of all housing units foreclosed in the [&hellip;]<\/p>\n","protected":false},"author":5,"featured_media":8387,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"fifu_image_url":"https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2023\/07\/foreclosure-1024x517.jpg","fifu_image_alt":"","footnotes":""},"categories":[9],"tags":[],"class_list":["post-8386","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blog"],"_links":{"self":[{"href":"https:\/\/imsfund.com\/index.php\/wp-json\/wp\/v2\/posts\/8386","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/imsfund.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/imsfund.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/imsfund.com\/index.php\/wp-json\/wp\/v2\/users\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/imsfund.com\/index.php\/wp-json\/wp\/v2\/comments?post=8386"}],"version-history":[{"count":1,"href":"https:\/\/imsfund.com\/index.php\/wp-json\/wp\/v2\/posts\/8386\/revisions"}],"predecessor-version":[{"id":8388,"href":"https:\/\/imsfund.com\/index.php\/wp-json\/wp\/v2\/posts\/8386\/revisions\/8388"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/imsfund.com\/index.php\/wp-json\/wp\/v2\/media\/8387"}],"wp:attachment":[{"href":"https:\/\/imsfund.com\/index.php\/wp-json\/wp\/v2\/media?parent=8386"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/imsfund.com\/index.php\/wp-json\/wp\/v2\/categories?post=8386"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/imsfund.com\/index.php\/wp-json\/wp\/v2\/tags?post=8386"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}