Foreclosure Begins to Accelerate in Pennsylvania, New Jersey and Across the Country | Local
Michaelle Bond the Philadelphia investigator
Three months after the end of a federal moratorium on foreclosures aimed at keeping people in their homes during the pandemic, foreclosure activity continues to increase in the region and nationwide.
Most foreclosure filings – including notices of default, scheduled auctions or bank foreclosures – relate to vacant and abandoned properties or loans that were foreclosed before the pandemic, according to real estate data provider Attom. The moratorium covered about 70% of the nation’s mortgages and about 80% of Philadelphia’s home loans.
Other policies preventing lenders from starting the foreclosure process will expire at the end of the year, when many homeowners walk away from forbearance plans that allowed them to delay mortgage payments during the pandemic.
Last month, lenders began the foreclosure process on about 10,800 properties nationwide. That’s 5% more than in September and more than double the number of foreclosures started in October 2020, according to a foreclosure market report Attom is due to release on Wednesday.
From September through October, Pennsylvania and New Jersey were among the states with the largest increases in foreclosure starts.
âMost of the lockdown activity over the next few months will likely be lockdown debuts, as virtually nothing has entered the lockdown process over the past year,â said Rick Sharga, executive vice president of RealtyTrac, an Attom company, in a statement.