9,889 U.S. Properties Received a Foreclosure Filing in August 2020, Up 11 Percent from Last Month; Foreclosure Rates Highest in South Carolina, Florida and Iowa; Foreclosure Starts Uptick Monthly in Florida, New York and Indiana

IRVINE, Calif. – September 10, 2020 —ATTOM Data Solutions, licensor of the nation’s most comprehensive foreclosure data and parent company to RealtyTrac (www.realtytrac.com), a foreclosure listings portal, today released its August 2020 U.S. Foreclosure Market Report, which shows there were a total of 9,889 U.S. properties with foreclosure filings — default notices, scheduled auctions or bank repossessions — in August 2020, up 11 percent from a month ago but down 81 percent from a year ago.

“While foreclosure activity remains over 80% below 2019 totals, there was a significant increase in foreclosure starts in August compared to July,” said Rick Sharga, Executive Vice President at RealtyTrac. “Several states – including Florida and New York – that have had foreclosure moratoria in place have recently loosened some of their restrictions, which may explain the unexpected bump in the monthly numbers.”

South Carolina, Florida and Iowa post highest state foreclosure rates

Nationwide one in every 13,791 housing units had a foreclosure filing in August 2020. States with the highest foreclosure rates were South Carolina (one in every 6,798 housing units with a foreclosure filing); Florida (one in every 7,338 housing units); Iowa (one in every 7,924 housing units); Maryland (one in every 8,435 housing units); and New Mexico (one in every 9,145 housing units).

Among the 220 metropolitan statistical areas with a population of at least 200,000, those with the highest foreclosure rates in August 2020 were Shreveport, LA (one in every 3,253 housing units with a foreclosure filing); Ocala, FL (one in every 3,283 housing units); Cedar Rapids, IA (one in every 3,429 housing units); Lakeland, FL (one in every 3,516 housing units); and McAllen, TX (one in every 3,535 housing units).

Those metropolitan areas with a population greater than 1 million, with the worst foreclosure rates in August 2020 included Jacksonville, FL (one in every 5,877 housing units); Baltimore, MD (one in every 5,988 housing units); Philadelphia, PA (one in every 6,557 housing units); Louisville, KY (one in every 6,600 housing units); and Miami, FL (one in every 6,757 housing units).

Foreclosure starts increase monthly nationwide

A total of 5,599 U.S. properties started the foreclosure process in August 2020, up 24 percent from last month but down 80 percent from a year ago.

While foreclosure starts are down annually in every state, there were some states that saw a slight increase from last month. In fact, several states posted double digit month-over-month increases in foreclosure starts, including Florida, New York, Indiana, Mississippi and New Jersey.

“Many courthouses across the country have been closed or have had their caseloads dramatically reduced during the pandemic,” Sharga noted. “It will be interesting to see if foreclosure starts continue to increase as these courthouses begin to re-open.”

Among metropolitan areas with a population greater than 1 million, those with the greatest number of foreclosure starts in August 2020 were New York, NY (444 foreclosure starts); Miami, FL (255 foreclosure starts); Los Angeles, CA (246 foreclosure starts); Chicago, IL (201 foreclosure starts); and Houston, TX (195 foreclosure starts).

Bank repossessions continue to drop to lowest levels

Lenders foreclosed (REO) on a total of 2,035 U.S. properties in August 2020, down 6 percent from last month and 82 percent from a year ago to the lowest since we began tracking in 2005.

States that posted the greatest number of completed foreclosures (REOs) in August 2020, included California (183 REOs filed); Illinois (165 REOs filed); Pennsylvania (157 REOs filed); Tennessee (144 REOs filed); and Texas (141 REOs filed).

Those metropolitan areas with a population greater than 1 million, with the greatest number of REOs filed in August 2020, included Philadelphia, PA (142 REOs filed); New York, NY (142 REOs filed); Chicago, IL (102 REOs filed); Baltimore, MD (75 REOs filed); and Los Angeles, CA (43 REOs filed).

Report methodology

The ATTOM Data Solutions 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 2,200 counties nationwide, and those counties account for more than 90 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.

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About ATTOM Data Solutions 

ATTOM Data Solutions provides foreclosure data licenses that can power various enterprise industries including real estate, insurance, marketing, government, mortgage and more. ATTOM multi-sources from 3,000 counties property tax, deed, mortgage, environmental risk, natural hazard, and neighborhood data for more than 155 million U.S. residential and commercial properties covering 99 percent of the nation’s population.

About RealtyTrac (Powered by ATTOM’s Property Data)

RealtyTrac.com is the premier foreclosure listing and search portal for investors and consumers looking to gain a competitive edge in the distressed market. Realtytrac.com grants access to insight that is typically only available to real estate professionals.

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