Is Your City More Vulnerable To Foreclosures?
In this crisis where millions are possibly losing their home, just how vulnerable is your city to foreclosures?
When the financial toll of the COVID-19 pandemic inflicted the majority of American homeowners, the government subsequently came up with the CARES Act. However, The CARES Act ONLY protects borrowers with federally backed mortgage loans from foreclosure.
Foreclosure filings in November were down 14% from the previous month. The report came from ATTOM Data Solutions for November 2020 on U.S. Foreclosures Market Report. That is to say, there is a total of 10,042 U.S. properties with foreclosure filings. It includes default notices, scheduled auctions, or bank repossessions. Yet, the number is down 80% from a year ago.
One in 13,581 housing units is in foreclosure as of November.
Rick Sharga, EVP at RealtyTrac, an ATTOM Data Solutions company, explained the low foreclosure activity. According to her,
“It’s not unusual to see foreclosure activity slow down beginning in November and through the holiday season. Both foreclosure starts and repossessions were down about 80% on a year-over-year basis
