foreclosure statistics 2022-2021Foreclosure Statistics 2021-2022 and Facts Report

  • Foreclosure Filings Up 13 Percent In January 2021
  • The South Accounts for 43 percent of New Sales
  • 443 Kansas City Properties Remain In Foreclosure
  • New Median Home Value In Miami At $423,793
  • Without Moratoriums Foreclosures To Increase By 100 Percent
  • Foreclosures Up 60 Percent Year-Over-Year In 2021
  • September 2021 Foreclosures Up 102 Percent Year-Over-Year
  • Only 5 of 220 Cities See Increase In Foreclosures

Foreclosure Facts 2021-2022

This article at https://www.trendstatistics.com/real-estate/foreclosure-statistics/ mentions that in comparison to foreclosure rates in 2005, before the last economic crisis, 2020 was statistically much better for foreclosures than fifteen years prior. Likewise, the foreclosure activity was lowered by almost 90% year-over-year in 2020. That’s all to say that the mortgage default rates are being artificially bolstered by robust government moratorium programs. Their data, cited from ATTOM Data Solutions, indicates that without the current programs like the CARES Act in place, foreclosure rates could jump by over 100%. These numbers show that default notices would have doubled from the first to the second quarter of 2021.

One site to rank in the keyword search “Foreclosure Statistics 2021” is sourced to Andrew the Home Buyer at https://www.andrewthehomebuyer.com/foreclosure-statistics/. His data confirms a 13 percent increase in foreclosure filings, month-over-month, to start the year in January of 2021. This 13 percent jump in foreclosure filings is substantial, considering the year-over-year increase was less than half that figure at 7 percent. At the beginning of 2021, one in 2,270 properties in the United States received a notice of mortgage default. New Jersey topped this list, with the highest rate of foreclosure at 1 in every 1,046 homes. Delaware followed New Jersey in close second place with 1 in every 1,098 homes in foreclosure. The third worst foreclosure rates were found in Illinois with 1 in 1,139 homes in default. Maryland and Ohio rounded off the top 5 with around 1 in every 1500 homes in foreclosure status. Conversely, states such as Iowa, Oregon, Nevada, and Louisiana all saw rates of foreclosure drop significantly by the start of 2021, decreasing anywhere from 44 to 20 percent.

The next article to trend under these search parameters, found here, and dated October 14, 2021, comes from Norada Real Estate Investments. The article titled, “Housing Market Forecast 2021 & 2022: Crash or Boom Next?” outlines a curiously skewed statistic that indicates the southern region of the United States made accounted for nearly half of all real estate sales in the busy month of July. At 43 percent, that’s twenty points higher than sales during that same month in the Midwest while the Northeast accounted for only 13 percent of new sales.

Ranking third under the “Foreclosure Statistics 2021” search is an article linked here, called “City Foreclosure Statistics.” The key statistic profiled in this material indicates that, while the foreclosure rate had been trending down, 443 properties remained in some stage of foreclosure by the end of 2020 in Kansas City, Kansas. This figure accounts for 1 out of 6,270 properties. The rate of default for Kansas City and the rest of the state trends with the national average while bank-owned properties in the city continue to increase at staggering rates at over 300 percent.

The next article returning was authored by famed real estate investor, Than Merrill. The piece comes from https://www.fortunebuilders.com/miami-real-estate-market-trends/, and it’s called “Miami Real Estate Market Predictions and Trends In 2021.” The first statistic highlighted here is the pricy median home value in Miami at $423,793. Merrill informs that Miami, due to the city’s attractive weather and cultural offerings, accounts for one of the “hottest” real estate markets in the country. He then states that because the median home price is so high, rental offerings are presently more attractive from an investment standpoint in Miami because he expects rates of appreciation to decrease as government stimulus programs lapse and foreclosures notices start to rise.

According to ATTOM Data solutions, on their link, https://www.attomdata.com/news/market-trends/foreclosures/attom-august-2021-u-s-foreclosure-market-report/, 2021 US foreclosure filings (default notices, scheduled auctions, or bank repossessions) are up 60 percent from the previous year because the nationwide moratorium has come to an end. This data comes from ATTOM’s joint venture partner RealtyTrac, the largest online marketplace for distressed and foreclosed properties. The figures are based on their August 2021 US Foreclosure Market Report, which concludes that such an increase should be anticipated as the moratorium comes to end. At the same time, their analysts conclude that, ultimately, there won’t be a glut of distressed properties coming on the market and that defaults “will remain below normal levels at least through the end of the year.”

PRNewswire, found here, and also citing ATTOM data, reports that foreclosures jumped by over 100 percent from the prior year in 2020. Rick Sharga, RealtyTrac’s executive vice president, states that foreclosure actions were 70 percent lower than in September 2019, the year before the COVID-19 pandemic. And, likewise, he affirms that defaults still remain at historical lows. These facts indicate that, while the nationwide moratoriums have had a substantial impact in reducing foreclosures overall, this pattern is starting to now change as government programs draw to an end. The beginning of Q3 in 2021 marked the first double-digit quarterly percent increase since 2014.

The last article on our list of foreclosure statistics 2022-2021 to rank in this search is another PRNewswire piece discoverable here.  The article points to contradictory data that, despite so many mortgages in serious default, only 5 out of 220 major metropolitan areas experienced an uptick in foreclosure actions in the first half of 2021. This information originates from ATTOM data as well. Executive vice president at RealtyTrac Rick Sharga suggests that with the moratoriums that were in place, it’s almost impossible to get “an accurate read on the level of financial distress the pandemic has caused for homeowners around the country.” As moratorium programs lapse, this picture, Sharga suggests, will become ostensibly more clear. Currently, metro areas in Delaware, Illinois, and Florida are posting the highest foreclosure rates.

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