Completed Foreclosures (REOs) Decrease 8 Percent From Last Year; Foreclosure Starts Increase 3 Percent From Last Month
IRVINE, Calif. — April 1, 2020 — ATTOM Data Solutions, curator of the nation’s premier property database and first property data provider of Data-as-a-Service (DaaS), today released its February 2020 U.S. Foreclosure Market Report, which shows there were a total of 48,004 U.S. properties with foreclosure filings — default notices, scheduled auctions or bank repossessions — the lowest number of total foreclosure filings recorded, since we began tracking in April 2005.
“Foreclosure activity across the United States hit new lows in February, yet another marker of the nation’s long housing boom,” said Todd Teta, chief product officer with ATTOM Data Solutions. “However, as with just about anything connected to the housing market right now, the foreclosure situation is now totally in flux because of the ever-evolving coronavirus pandemic. Many lenders have suspended foreclosure proceedings, so the numbers will most likely continue to drop in the coming months. But after that, we may see an uptick in foreclosures as a result of dramatic economic impacts, such as more homeowners losing their jobs and falling behind on mortgage payments.”
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