A new report from ATTOM shows July 2021 U.S. Foreclosure Market activity, which shows there were a total of 12,483 U.S. properties with foreclosure filings — which includes default notices, scheduled auctions or bank repossessions — down 4% from June but up 40% from 2020.
"The end of the government's moratorium won't result in millions of foreclosures, but we're likely to see a steady increase in default activity for the balance of the year," said Rick Sharga, executive vice president of RealtyTrac, an ATTOM company, in a statement. "Much of the foreclosure volume will come from the reinstatement of foreclosure proceedings on properties that had already been in default prior to the pandemic, and new foreclosure activity on vacant and abandoned properties."
Nationwide, one in every 11,009 housing units had a foreclosure filing in July 2021. Illinois was fifth highest in terms of foreclosure rate, as one in every 6,381 housing units saw foreclosure in July. Additionally, among the 220 metropolitan areas with a population of at least 200,000, Champaign, Illinois was the fifth-highest market with one in every 3,802 housing units seeing foreclosure activity.
In metropolitan areas with a population greater than 1 million, St. Louis had the third-highest rate with one in every 6,348 housing units seeing foreclosure activity.
Yet Illinois had the fifth-largest decrease in foreclosure starts (among states with 100 foreclosure starts) in July from June, down 10%. Chicago's foreclosure starts were up 45% in July from the same month in 2020.
The report shows 2,418 U.S. properties were repossessed through completed foreclosures (REOs) in July 2021, up 5% from June and 12% from 2020. That included 230 REOs in Illinois. Of those 230, 133 were in Chicago, which was second of markets larger than 1 million behind Kansas City (208).
"Increased numbers of foreclosure starts may not result in a similar number of bank repossessions," Sharga said. "Homeowner equity is at an all-time high, and many financially-distressed borrowers should have the opportunity to sell their homes — probably at a profit — rather than lose them to a foreclosure auction."
The ATTOM U.S. Foreclosure Market Report provides a count of the total number of properties with at least one foreclosure filing entered into the ATTOM Data Warehouse during the month and quarter. Data is collected from more than 3,000 counties nationwide, and those counties account for more than 99% of the U.S. population.
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August 10, 2021 at 10:05PM
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Foreclosure activity declines slightly in July across Illinois - Jacksonville Journal-Courier
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