While foreclosure starts are down to the lowest levels since 2008 [1], the impact of a national health crisis and related foreclosure moratoria is different for various parts of the country.
ATTOM Data Solutions, which published a September and Q3 2020 U.S. Foreclosure Market Report showing [2] foreclosure filings down 12% from Q2 2020 and down 81% from Q3 2019 (to the lowest level since the company began tracking quarterly filings in 2008) further broke down data for individual cities.
According to ATTOM's most recent foreclosure market analysis [3] there were 9,707 U.S. properties with foreclosure filings in September 2020. "That monthly figure is down 2% from the August 2020 and down 80% from September 2019," ATTOM reported.
The September and Q3 2020 report showed that lenders started the foreclosure process on 15,129 U.S. properties in the third quarter of 2020. That number is down 15% from Q2 2020 and down 81% from Q3 2019, "marking the 21st consecutive quarter with a year-over-year decrease in foreclosure starts," the company said.
Here is how cities are faring:
Greatest year-over-year decreases in foreclosure starts:
- Pennsylvania (down 95%)
- Wisconsin (down 93%)
- Washington (down 93%)
- Maryland (down 91%)
- Colorado (down 90%)
According to the report, among the 220 metro areas analyzed, those that posted a year-over-year decrease in foreclosure starts in Q3:
- Washington, D.C. (down 91%)
- Philadelphia, Pennsylvania (down 90%)
- Cleveland, Ohio (down 89%)
- Denver, Colorado (down 89%)
- Baltimore, Maryland (down 88%)
Among markets with at least 1 million people, those with year-over-year decreases of at least 80% in foreclosure starts for Q3:
- Columbus, Ohio
- Detroit, Michigan
- Chicago, Illinois
- Providence, Rhode Island
- Charlotte, North Carolina
"While these major metros are among those posting some of the largest annual declines in foreclosure starts in Q3 2020," ATTOM reported, "some of those markets are also starting to see an increase in starts, or holding steady, compared to the previous quarter."
Among those metros with 1 million people or more, the top 10 posting quarterly increases in foreclosure starts or holding steady in Q3 2020 include:
- Kansas City, MO-KS (up 94%)
- New York-Newark-Jersey City, NY-NJ-PA (81%)
- Virginia Beach-Norfolk-Newport News, VA-NC (up 59%)
- Indianapolis-Carmel-Anderson, IN (up 42%)
- Richmond, VA (up 37%)
- Detroit-Warren-Dearborn, MI (up 15%)
- Chicago-Naperville-Elgin, IL-IN-WI (up 11%)
- Nashville-Davidson–Murfreesboro–Franklin, TN (up 5%)
- Charlotte-Concord-Gastonia, NC-SC (up 4%)
- Cleveland-Elyria, OH (no change).
Further data is detailed on ATTOM Data Solutions' website [4].