With a federal moratorium on foreclosures ending, loan forbearance relief running out, and no end to the COVID-19 pandemic in sight, the latest data shows that foreclosures are starting to jump up.
The number of properties with foreclosure filings shot up a whopping 68% in the third quarter of 2021 compared with the previous year, according to a report released on Thursday by real estate information firm ATTOM Data Solutions. They rose 34% compared with the previous quarter. (ATTOM collected data from more than 3,000 counties nationwide.)
OK, time to take a step back. Most housing and financial experts don’t believe this is the start to another foreclosure crisis reminiscent of the one about a decade ago.
Unemployment remains high, but companies have ramped up hiring—in fact, many are struggling to find workers. That bodes well for workers looking for better-paying jobs to help them afford their monthly mortgage payments.
And the number of foreclosure filings is still lower than it was prior to the pandemic. Although there were twice as many properties with foreclosure filings in September 2021 as in September 2020, that’s still almost 70% fewer than September 2019.
