Pandemic Foreclosure Tsunami Not on the Horizon

Pandemic Foreclosure Tsunami Not on the Horizon

ATTOM says that foreclosure activity in the year just ended was at the lowest level since the company began tracking it in 2005. Foreclosure filings, including default notices, scheduled auctions, and bank repossessions or completed foreclosures, were made on 151,153 U.S. properties during the year, 29 percent fewer than in 2020 and down 95 percent from the peak of nearly 2.9 million in 2010. The filings impacted 0.11 percent of all housing units, compared to 0.16 percent in 2020 and a peak of 2.23 percent in 2010. “The COVID-19 foreclosure tsunami that some people had anticipated is clearly not happening,” said Rick Sharga, executive vice president at RealtyTrac, an ATTOM company. “Government and mortgage industry efforts have prevented millions of unnecessary foreclosures,