Foreclosures Are Down Despite Moratoriums and Pandemic Concerns
When the eviction and foreclosure moratoriums expired in August, the expectation was that trouble was in store for millions of Americans who were in some stage of mortgage or rent delinquency. While many were bracing for a flood of new foreclosures, the latest data show just the opposite: foreclosures have fallen. This is a positive sign for most homeowners, renters, and many investors, indicating the housing market's strength. But for distressed real estate investors, the data aren't looking great for buying opportunities.
According to the August mortgage report by Black Knight, August had the highest single-month increase in new foreclosures since the start of the pandemic. But most of these were restarting foreclosure cases that were put on pause during the moratorium.
The spike didn't last. September marked the third-lowest monthly total for new foreclosures, at 3,900. Black Knight's report also stated that the mortgage delinquency rate improved, dropping from 4% to 3.91%, the first time it's been below 4% in 18 months.
Source Fool.com