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Analysis: Two Months After Moratorium’s End. How is the Foreclosure Activity?

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The Center for Disease Control and Prevention, together with the Federal Housing Finance Agency, through President Joe Biden Administration, has for months been extending the eviction Moratorium following the hit of the pandemic. The last CDC moratorium extension had been set to go till October but was ended in August by the United States Supreme Court. This was due to a challenging policy brought by a coalition of Landlords and real estate trade groups. Consequently, this decision immediately resulted in a crazy spike in foreclosure filings all around the United States. As published by ATTOM RealtyTrac,  the U.S.A Foreclosure Market Report   August 2021, depicted a total of 15,838 U.S. properties foreclosure filings, marking a 27 percent increment from the previous month and  60 percent increment from last year. Furthermore, in August, lenders had already started foreclosure processes on 8,348 properties depicting a 27 percent increment from last month and a 49 percent increment from last year. While others repossessed 2,474 US properties through complete foreclosure, which is a 2 percent increment from last month and 22 percent year over year.

According to the RealtyTrac report, regionally, the states of Nevada with one in every 4,738 housing units,  Illinois with one in every 3,848 housing units, and New Jersey with one in every 4,868 had the highest foreclosure fillings. States that had the greatest number of foreclosure statistics in August were; California with 1,240,Texas with 1,060, Florida (643), Illinois (506), and New York (479). The moratorium end has also been the main reason for the significantly increased rates of eviction cases flooding the eviction courts of the United States.

The Executive Vice President at RealtyTrac, Rick Sharga, said: “As expected, foreclosure activity increased as the government’s foreclosure moratorium expired, but this doesn’t mean we should expect to see a flood of distressed properties coming to market.” He added that there will be continued foreclosure practices increment for the next three months but, there is a likelihood that foreclosure will remain below normal levels till the end of the year.

The moratorium for long had protected the tenants but was disadvantageous for landlords, who had to bear with the unfavorable laws of the eviction ban. The CDC has not been completely resolving the matter with the ban extensions, and now the worst for the tenants has come. What will happen to over the 193,000 tenants behind rent now that there is no protection? Tenants have full responsibility right now! and they have to honor their obligations to the landlords. This is the only way to the solution. Paying your rent on time is a way to avoid been evicted but, owning your own home is the ideal and lasting way to the avoidance of eviction chances. Contact The Power Is Now Media Inc. through the CEO Eric Lawrence Frazier MBA DRE 01143484/NMLS 461807, and own your home with the little you have.

About The Power Is Now Media Inc.

The Power Is Now Media Inc. is an advocate for the empowerment of the minority communities all around the United States. We engage in various thoughts of leaders to make sure that you are equipped with knowledge about our economy. We have partnered with First Bank to provide you with products and services that will help you prepare better for the future. We are also advocating for first-time home buyers. The Power Is Now Media Inc can help make your homeownership dream a reality. Go to www.neverrentagain.com and get started today!

Eric Lawrence Frazier MBA DRE,

Vice President and Mortgage Advisor of First Bank,

NMLS 461807.

President and CEO of The Power Is Now Media Inc.

www.thepowerisnow.com

 

References
https://newslink.mba.org/mba-newslinks/2021/september/mba-newslink-monday-sept-13-2021/foreclosure-activity-increases-after-moratorium-ends
https://nationalmortgageprofessional.com/news/foreclosures-spike-after-moratorium-ends
https://www.thetitlereport.com/Articles/Foreclosure-activity-up-following-end-of-moratoriu-83287.aspx
https://dsnews.com/daily-dose/09-10-2021/how-the-moratoriums-end-is-affecting-foreclosure-activity

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