Amidst the significant financial distress caused by COVID-19 pandemic, recent reports show that foreclosure starts are decreasing to a remarkably low level. Research shows that the impact of this national health crisis and foreclosure moratoria is different for various parts of the country.
ATTOM Data Solutions published the September and Q3 2020 U.S. Foreclosure Market Report which shows 9,707 U.S. properties with foreclosure filings, down by 12% from Q2 2020 and down 81% from Q3 2019.
This has been the lowest level since the ATTOM Data Solutions began tracking quarterly filings in 2008.
Meanwhile, foreclosure starts is at 15,129 U.S. properties and it’s down by 15% from Q2 2020 and down by 81% from Q3 2019.
A lot of homeowners have taken advantage of Analytics Before Foreclosure’s services in coming up with favorable outcomes for their homes. Thereby decreasing the number of foreclosure start and foreclosure filings. Don’t let sadness and despair lead you away from your best options before losing your house to foreclosure. Call 866-857-5405 for a FREE discovery call.
Below are how cities are faring:
Greatest year-over-year decreases in foreclosure starts:
- Pennsylvania (down 95%)
- Wisconsin (down 93%)
- Washington (down 93%)
- Maryland (down 91%)
- Colorado (down 90%)
Among the 220 metro areas analyzed, those that posted a year-over-year decrease in foreclosure starts in Q3:
- Washington, D.C. (down 91%)
- Philadelphia, Pennsylvania (down 90%)
- Cleveland, Ohio (down 89%)
- Denver, Colorado (down 89%)
- Baltimore, Maryland (down 88%)
Among markets with at least 1 million people, those with year-over-year decreases of at least 80% in foreclosure starts for Q3:
- Columbus, Ohio
- Detroit, Michigan
- Chicago, Illinois
- Providence, Rhode Island
- Charlotte, North Carolina
Among those metros with 1 million people or more, the top 10 posting quarterly increases in foreclosure starts or holding steady in Q3 2020 include:
- Kansas City, MO-KS (up 94%)
- New York-Newark-Jersey City, NY-NJ-PA (81%)
- Virginia Beach-Norfolk-Newport News, VA-NC (up 59%)
- Indianapolis-Carmel-Anderson, IN (up 42%)
- Richmond, VA (up 37%)
- Detroit-Warren-Dearborn, MI (up 15%)
- Chicago-Naperville-Elgin, IL-IN-WI (up 11%)
- Nashville-Davidson–Murfreesboro–Franklin, TN (up 5%)
- Charlotte-Concord-Gastonia, NC-SC (up 4%)
- Cleveland-Elyria, OH (no change).
