{"id":6473,"date":"2022-04-22T18:07:07","date_gmt":"2022-04-22T23:07:07","guid":{"rendered":"https:\/\/nwfl4sale.com\/foreclosure-activity-new-high-since-start-of-covid\/"},"modified":"2022-04-22T18:07:07","modified_gmt":"2022-04-22T23:07:07","slug":"foreclosure-activity-new-high-since-start-of-covid","status":"publish","type":"post","link":"https:\/\/nwfl4sale.com\/foreclosure-activity-new-high-since-start-of-covid\/","title":{"rendered":"Foreclosure Activity: New High Since Start of COVID"},"content":{"rendered":"
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Filings up 39% in 1Q 2022 over 1Q 2021. Fla. is one of 5 states with highest foreclosure starts in 1Q. But activity still remains below historical levels.<\/span><\/span><\/p>\n<\/div>\n IRVINE, Calif. \u2013 Foreclosure starts and bank repossessions are at their highest numbers in the last two years. Most pandemic-initiated moratoriums have lifted by now and lenders are starting to resume foreclosures. Still, foreclosure activity remains well below historical levels.<\/span><\/span><\/p>\n The number of properties with a foreclosure filing during the first quarter of 2022 climbed 39% compared to the previous quarter. Foreclosure filings are up much higher \u2013132% \u2013 compared to a year ago, according to ATTOM Data Solutions\u2019 Q1 2022 U.S. Foreclosure Market Report.<\/span><\/span><\/p>\n \u201cForeclosure activity has continued to gradually return to normal levels since the expiration of the government\u2019s moratorium, and the CFPB [Consumer Financial Protection Bureau\u2019s] enhanced mortgage servicing guidelines,\u201d says Rick Sharga, executive vice president of market intelligence for ATTOM. \u201cBut even with the large year-over-year increase in foreclosure starts and bank repossessions, foreclosure activity is still only running at about 57% of where it was in Q1 2020, the last quarter before the government enacted consumer protection programs due to the pandemic.\u201d<\/span><\/span><\/p>\n Foreclosure starts increased in all 50 states. The states with the largest number of foreclosure starts in the first quarter included California, Florida<\/strong>, Texas, Illinois, and Ohio. Broken out by metro level, the greatest number of foreclosure starts last quarter were in Chicago, New York, Los Angeles, Houston and Philadelphia.<\/span><\/span><\/p>\n Nationwide, Sharga says it\u2019s likely that foreclosure activity will continue to see significant month-over-month and year-over-year gains through the second quarter of 2022.<\/span><\/span><\/p>\n \u201cBut [we] still won\u2019t reach historically normal levels of foreclosures until the end of the year at the earliest, unless the U.S. economy takes a significant turn for the worse,\u201d he notes.<\/span><\/span><\/p>\n