Florida Foreclosures Skyrocket 68% After Foreclosure Moratoriums Are Lifted. Yet, Foreclosures Are Lower Than Pre-Pandemic Filings
RealTrac has released its Q3 2021 U.S. Foreclosure Market Report. The report shows there were a total of 45,517 U.S. properties with foreclosure filings, scheduled auctions or planned bank repossessions. This is up 34% from the previous quarter. Foreclosure filings are also up 68% from a year ago.
The report also indicates there were a total of 19,609 U.S. properties with foreclosure filings in September 2021. This is an increase of 24% from the previous month and up 102% from September 2020.
RealTrac VP Rick Sharga told FloridaRealtors.com:
Despite the increased level of foreclosure activity in September, we’re still far below historically normal numbers. September foreclosure actions were almost 70% lower than they were prior to the COVID-19 pandemic in September of 2019. Q3 foreclosure activity was 60% lower than the same quarter that year. Even with similar increases in foreclosures over the next few months, we’ll end the year significantly below what we’d see in a normal housing market.
Florida Foreclosures Skyrocket Along With Other States
In addition, lenders started the foreclosure process on 25,209 U.S. properties in Q3 2021. This is also up 32% from the previous quarter. This is also up 67% from a year ago.
Five states posted the greatest number of foreclosure starts in Q3 2021. These states include California with 3,434 foreclosure starts. Texas came in second with 2,827 foreclosure starts. Florida came in third with having 2,546 foreclosure starts. New York had 1,363 foreclosure starts. Illinois rounded out the top five with 1,362 foreclosure starts.
RealTrac also analyzed 220 metropolitan statistical areas in their report. New York City topped the list with 1,456 foreclosure starts. Chicago was in second place with 1,122 foreclosure starts. Los Angeles came in third with 1,102 foreclosure starts. Miami was in fourth place with 992 foreclosure starts and Houston finished off the top five with 866 foreclosure starts.
Yet, several metropolitan areas did the opposite of the national trend of quarterly increases. Several metropolitan areas with a population greater than one million actually saw a decrease in foreclosure starts in Q3 2021. Charlotte, North Carolina decreased by 32%. As did Portland, Oregon by 26%. foreclosures in Rochester, New York down 17%. San Jose, California was down 13% and Hartford, Connecticut was down 6%.