Foreclosure rates near pre-pandemic levels - Washington First Mortgage Loan Corporation

Foreclosure rates near pre-pandemic levels

Foreclosers are up by a staggering 167% from a year ago, according to a new report by real estate data firm ATTOM. An increase at this level puts in near pre-pandemic levels. Why is this significant?


Although foreclosures have risen since the government's foreclosure moratorium's end, the rate was still far from pre-pandemic levels.


But why the recent increase? Foreclosure rates were artificially low during the pandemic due to the moratoriums and mortgage forbearance options. Now that they've expired, foreclosures have resumed, and the artificially low year-ago levels as current levels have returned to pre-pandemic levels.


Factors like high inflation have also contributed to rising foreclosure rates.


Homes in foreclosure can be excellent and affordable investments for many homebuyers. For these distressed homes, routine upkeep and maintenance may have been neglected for several years. So make sure not to skip the inspection. 


The States with the most significant number of foreclosures in the third quarter were California (7,368), Florida (6,671), Texas (6,217), Illinois (4,702), and New York (3,997).

* Specific loan program availability and requirements may vary. Please get in touch with your mortgage advisor for more information.

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