ATTOM, licensor of the nation’s most comprehensive foreclosure data and parent company to RealtyTrac (www.realtytrac.com), the largest online marketplace for foreclosure and distressed properties, released its May 2021 U.S. Foreclosure Market Report, which shows there were a total of 10,821 U.S. properties with foreclosure filings — default notices, scheduled auctions or bank repossessions — down 8 percent from a month ago but up 23 percent from a year ago. Foreclosure starts, which represent the initial notice of default, grew by 36 percent year-over-year.
“While the increase in foreclosure activity is significant, it’s important to keep these numbers in perspective,” said RealtyTrac Executive Vice President Rick Sharga. “Last year’s numbers were extraordinarily low due to the implementation of the foreclosure moratorium and the CARES Act mortgage forbearance program, so the year-over-year numbers look a lot more dramatic than they are. And May foreclosure activity actually declined compared to April.”
The ATTOM May 2021 U.S. Foreclosure Market Report shows that nationwide one in every 12,700 housing units had a foreclosure filing. States with the highest foreclosure rates in May 2021 were Nevada (one in every 5,535 housing units with a foreclosure filing); Delaware (one in every 5,854 housing units); Illinois (one in every 5,903 housing units); Florida (one in every 7,207 housing units); and New Jersey (one in every 7,679 housing units).
Other high-level takeaways from the ATTOM May 2021 U.S. Foreclosure Market Report:
RealtyTrac Announces Enhanced Foreclosure Search and Analytic Functionality
“RealtyTrac’s enhanced platform is committed to helping individual investors and real estate agents find, analyze and invest in residential properties,” said RealtyTrac General Manager Ohan Antebian. “As foreclosure activity begins to return to normal levels, RealtyTrac will continue to serve as the premier foreclosure listing and search portal for investors and agents looking to gain a competitive edge in the distressed market.”
The new RealtyTrac platform, powered by ATTOM, provides instant access to individual property information and offers interactive resources, including property investment analysis tools and finance options. These expanded services provide a single-source for those looking to either fix and flip, or buy, fix and rent properties for ongoing revenue generation. For real estate agents, the site helps them find inventory for their clients who are interested in buying foreclosure homes.
Report Methodology
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. Some foreclosure filings entered into the database during the quarter may have been recorded in the previous quarter. Data is collected from more than 3,000 counties nationwide, and those counties account for more than 99 percent of the U.S. population. ATTOM’s report incorporates documents filed in all three phases of foreclosure: Default — Notice of Default (NOD) and Lis Pendens (LIS); Auction — Notice of Trustee Sale and Notice of Foreclosure Sale (NTS and NFS); and Real Estate Owned, or REO properties (that have been foreclosed on and repurchased by a bank). For the annual, midyear and quarterly reports, if more than one type of foreclosure document is received for a property during the timeframe, only the most recent filing is counted in the report. The annual, midyear, quarterly and monthly reports all check if the same type of document was filed against a property previously. If so, and if that previous filing occurred within the estimated foreclosure timeframe for the state where the property is located, the report does not count the property in the current year, quarter or month.
To learn more about the data behind this article and what Attom Data Solutions has to offer, visit https://www.attomdata.com/.
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