{"id":17685,"date":"2020-08-20T13:07:00","date_gmt":"2020-08-20T13:07:00","guid":{"rendered":"http:\/\/www.anthonydidonato.net\/wordpress\/?p=17685"},"modified":"2020-08-20T13:07:00","modified_gmt":"2020-08-20T13:07:00","slug":"moratoriums-keep-foreclosures-nearly-nonexistent","status":"publish","type":"post","link":"https:\/\/www.anthonydidonato.net\/wordpress\/moratoriums-keep-foreclosures-nearly-nonexistent\/","title":{"rendered":"Moratoriums Keep Foreclosures Nearly Nonexistent"},"content":{"rendered":"

Moratoriums Keep Foreclosures Nearly Nonexistent<\/h1>\n

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Even as mortgage delinquencies climb, foreclosure activity continues to be low. Foreclosure moratoriums ordered by federal and state governments during early phases of the pandemic likely helped to minimize the foreclosure rate, says Rick Sharga, executive vice president at RealtyTrac, a real estate data firm.<\/p>\n

\u201cIt\u2019s inevitable that there will be a significant increase in foreclosures once these moratoriums have expired, although it\u2019s unlikely that we\u2019ll see default rates reach the levels we saw during the Great Recession,\u201d Sharga adds.<\/p>\n

In July, 8,892 properties received a foreclosure filing, which includes default notices, scheduled auctions, or bank repossessions. That is down 83% from a year ago, RealtyTrac and ATTOM Data Solutions report. Nationwide, just one out of every 15,337 housing units had a foreclosure filing in July.<\/p>\n

In June, distressed sales\u2014foreclosures and short sales\u2014comprised just 3% of sales, according to the National Association of REALTORS\u00ae.<\/a><\/p>\n

With foreclosure moratoriums still in place, another wave of foreclosures likely won\u2019t materialize until at least next year, after the maximum 12 months of mortgage forbearance expires for homeowners. Economists say if homeowners are able to return to work in that time, the economy won\u2019t need to fear a foreclosure crisis. Still, some impact is inevitable once moratoriums expire, housing analysts note.<\/p>\n

\u201cWill there be some fallout? Of course,\u201d Matthew Gardner, chief economist of Windermere Real Estate, told realtor.com\u00ae at the end of July. \u201cBut I don\u2019t think it will be enough to cause [housing] prices to drop.\u201d<\/p>\n

According to the RealtyTrac and ATTOM Data Solutions report, the states with the highest foreclosure rates are Delaware (one in every 6,489 housing units with a foreclosure filing); South Carolina (one in every 7,328 housing units); Maine (one in every 7,542 housing units); New Mexico (one in every 8,255 housing units); and California (one in every 9,194 housing units). By metro level (areas with populations of at least 200,000), those with the highest foreclosure rates in July were Trenton, N.J. (one in every 3,445 housing units with a foreclosure filing); McAllen, Texas (one in every 3,833 housing units); Davenport, Iowa (one in every 4,038 housing units); Dayton, Ohio (one in every 4,055 housing units); and Albuquerque, N.M. (one in every 4,452 housing units).<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n

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Source:<\/div>\n
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ATTOM Data Solutions<\/a> and \u201cCould New Shutdowns, Lower Unemployment Benefits Drag Down the Hot Housing Market?<\/a>\u201d realtor.com\u00ae (July 22, 2020)<\/div>\n
\u00a9National Association of REALTORS\u00ae
\nReprinted with permission<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Moratoriums Keep Foreclosures Nearly Nonexistent   Even as mortgage delinquencies climb, foreclosure activity continues to be low. Foreclosure moratoriums ordered by federal and state governments during early phases of the pandemic likely helped to minimize the foreclosure rate, says Rick Sharga, executive vice president at RealtyTrac, a real estate data firm. \u201cIt\u2019s inevitable that there … <\/p>\n

Continue reading<\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[16,8],"tags":[5,32,4,9],"class_list":["post-17685","post","type-post","status-publish","format-standard","hentry","category-news","category-real-estate-tips","tag-anthony-didonato","tag-news","tag-real-estate","tag-tips","item-wrap"],"yoast_head":"\nMoratoriums Keep Foreclosures Nearly Nonexistent - Real Estate Agent and Sales in PA - Anthony DiDonato Broomall, Media, Delaware County and surrounding areas in Pennsylvania<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.anthonydidonato.net\/wordpress\/moratoriums-keep-foreclosures-nearly-nonexistent\/\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/moratoriums-keep-foreclosures-nearly-nonexistent\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/moratoriums-keep-foreclosures-nearly-nonexistent\\\/\"},\"author\":{\"name\":\"admin\",\"@id\":\"http:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/#\\\/schema\\\/person\\\/964792b6994e8cc4cbddc36ad4824908\"},\"headline\":\"Moratoriums Keep Foreclosures Nearly Nonexistent\",\"datePublished\":\"2020-08-20T13:07:00+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/moratoriums-keep-foreclosures-nearly-nonexistent\\\/\"},\"wordCount\":398,\"publisher\":{\"@id\":\"http:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/#\\\/schema\\\/person\\\/964792b6994e8cc4cbddc36ad4824908\"},\"keywords\":[\"Anthony DiDonato\",\"News\",\"Real Estate\",\"tips\"],\"articleSection\":[\"News\",\"Real Estate Tips\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/moratoriums-keep-foreclosures-nearly-nonexistent\\\/\",\"url\":\"https:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/moratoriums-keep-foreclosures-nearly-nonexistent\\\/\",\"name\":\"Moratoriums Keep Foreclosures Nearly Nonexistent - 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