Most Foreclosures are on Vacant, Abandoned Properties

house, home, housing, residentialDespite widespread foreclosure moratoria, completed foreclosure auctions are percolating, the Q4 Distressed Market Outlook from Aution.com shows.

While remaining below 78% below year-ago levels, there was a 24% uptick of completed foreclosure auctions to a six-month high in September.

That said, the moratoria have played a part in creating a backlog of likely foreclosures that an Auction.com analysis estimates will grow to more than 1.1 million by Q2 2021.

At 92%, Colorado paced the list of states with an above-average share of year-ago foreclosure volume in September. Rounding on the top states on the list were Oklahoma, 86%; Kentucky, 56%, Arkansas, 54%; and Indiana, 49%.

Conversely, among states with a below-average share of year-ago foreclosure volume were New York, Oregon and New Jersey, all at 0%, while Washington and Massachusetts came in at 5%.

“Foreclosure supply is slowly returning to the market as servicers refine their vacant or abandoned procedures

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Cook County announces effort to combat expected wave of evictions, foreclosures

“A wave is on the horizon here in Cook County and across the country,” Preckwinkle said, and “the heaviest burden will fall on the most vulnerable among us, Black and Brown residents. This is unacceptable.” 

Along with representatives of the Cook County Board, Chicago City Hall and the Circuit Court of Cook County, Preckwinkle unveiled an initiative called Cook County Legal Aid for Housing and Debt, or CLAAHD, a county-wide effort to help people deal with eviction, foreclosure, tax debt and property deed issues. 

Its initial funding is $1 million from the county’s share of CARES Act funding, but Preckwinkle said she expects the programs to last well beyond the use of that money and called on Congress to provide more aid. 

The aim is to prevent widespread displacement from housing due to “a crisis that none of us expected,” said Alma Anya, commissioner of Cook County’s Seventh District, on

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Cook County launches legal assistance initiative to help residents facing evictions, foreclosures, unresolved debt

Cook County Board President Toni Preckwinkle Monday announced a new legal assistance initiative geared to help residents facing evictions, foreclosures or unresolved debt issues during the coronavirus pandemic.

The Early Resolution Program — the first of several programs operated under the new Cook County Legal Aid for Housing and Debt (CCLAHD) initiative — will provide free legal assistance, counseling, pre-court mediation and case management for residents and landlords dealing with evictions and delinquent property taxes, Preckwinkle said during a virtual news conference.

Preckwinkle said there will be a tax deed specific program planned for 2021 that will be focused on early outreach to residents who start to fall behind on paying taxes. There’s also a mortgage foreclosure specific program in the works, the county board president said.

“Cook County has been experiencing an affordable housing crisis since at least the turn of the century and the trend has only grown

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Coronavirus hasn’t created wave of Cuyahoga County foreclosures, though housing advocates brace for difficult 2021

CLEVELAND, Ohio – The wave of foreclosures that some housing advocates feared because of the coronavirus pandemic has not materialized in Cuyahoga County, by all accounts.

But those same advocates said they are bracing for an increase of people pushed to the brink of losing their houses, especially if federal lawmakers don’t pass a bill that provides stimulus payments to Americans, as well as more relief to people out of work.

Payments from a stimulus package signed by President Donald Trump in March likely prevented a lot of foreclosures, they said.

“We worry about what’s going to happen next year without some form of assistance,” said Andy Nikiforovs, executive director of Community Housing Solutions in Cleveland.

Data provided by the Western Reserve Land Conservancy showed that the number of mortgage foreclosure lawsuits filed in Cuyahoga County dramatically dropped between March and April of this year, from 209 to 45. The

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COVID’s housing crisis: evictions resume, foreclosures loom

One of the long-term side effects of the COVID-19 pandemic could be its impact on the housing market.

Whether it was illness, lost wages, or a mix of both — many renters have fallen behind on their bills.

Now, we are starting to see a wave of evictions — and even as infection rates spike again, legal protections and financial assistance programs are ending.

RENTERS UNDER PRESSURE

When the pandemic started in March, Tiffany Ford was one of thousands of South Floridians out of work.

The single mom living in Lake Worth had to rely on unemployment to support her three young children.

But now that unemployment benefits have reduced, she has fallen behind on bills, and is facing eviction.

“It was just days of crying, frustration, stress, wondering what do I do if the worst happens?” Ford said. “My landlord said if I can’t get the money, he wanted

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Store closings, foreclosures cut CBL income by 30.5% in 3rd quarter

CBL & Associates Properties said all of its retail centers are open for business and fully operational, but the company reported Tuesday that net operating income from its shopping malls and other properties fell by more than 30% in the third quarter compared with a year ago due to lower sales volumes, store closings and retailer delays in payments.

The Chattanooga-based shopping center development firm, which filed for bankruptcy earlier this month to reorganize its finances under court protection in a Chapter 11 proceeding, said its funds from operations (FFO) in the third quarter, as adjusted, fell to 4 cents per share compared with 34 cents a share a year ago. CBL’s revenues dropped by more than 30% from $187.3 million in the third quarter of 2019 to $129.9 million in the third quarter of 2020.

CBL and other real estate developers have been hurt by uncollectible revenue from tenants

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Holding Steady: Foreclosures Remain Low While Serious Delinquencies Continue to Build Up, CoreLogic Reports

  • The U.S. 150-day delinquency rate reached its highest level since at least January 1999
  • Forbearance provisions have helped foreclosure rates maintain historic lows

 

IRVINE, Calif.–(BUSINESS WIRE)–
CoreLogic® (NYSE: CLGX), a leading global property information, analytics and data-enabled solutions provider, today released its monthly Loan Performance Insights Report for August 2020. On a national level, 6.6% of mortgages were in some stage of delinquency (30 days or more past due, including those in foreclosure). This represents a 2.9-percentage point increase in the overall delinquency rate compared to August 2019, when it was 3.7%.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20201110005394/en/

CoreLogic National Overview of Mortgage Loan Performance, featuring August 2020 Data (Graphic: Business Wire)

CoreLogic National Overview of Mortgage Loan Performance, featuring August 2020 Data (Graphic: Business Wire)

To gain an accurate view of the mortgage market and loan performance health, CoreLogic examines all stages of delinquency, including the share that transitions from current to 30 days

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Triad foreclosures remain sharply down due to pause by lenders | Local

The Charlotte area had 88 filings in October, down from 602 a year ago, but up from 61 in September.

The Durham-Chapel Hill area had 17 filings, down from 80 a year ago, but up from 11 in September.

The Raleigh-Cary MSA had 38 filings, down from 202 a year ago, but up from 16 in September.

Officials with the Winston-Salem Regional Association of Realtors have cautioned that information about delinquency and/or underwater loans can affect the real-estate market by undermining consumer confidence.

Attom also released this week its latest report on how opportunity zones, which debuted in May 2018, are affecting housing markets in certain urban areas.

Opportunity zones are economically distressed census tracts qualified to receive private investments through a new vehicle known as opportunity funds. The goal is connecting those tracts with investors, offering tax credits and other tax incentives to get investors involved.

All but one

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ATTOM Data Report Shows Foreclosures Up in October 2020

(iStock)

(iStock)

Despite federal and state moratoriums, foreclosure activity in the United States ballooned last month.

Nearly 12,000 properties had some kind of foreclosure filing in October 2020, up 20 percent from last month but down 79 percent from October 2019, according to a monthly report from Attom Data.

That largely continued a trend of growing foreclosures that began the month before, when many states ended relief measures that had protected homeowners hurt by the pandemic.

“It’s a little surprising to see foreclosure activity increasing in spite of the various foreclosure moratoria that are in place,” said Rick Sharga, executive vice president of Attom subsidiary RealtyTrac, in a prepared statement. “It’s likely that many of these properties were already in the early stages of default prior to the pandemic, or are vacant and abandoned, which makes them candidates for expedited foreclosure actions.”

Among states, October foreclosure filings were the highest in

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‘Bumpy Waters Ahead’: New Mortgage Data Suggests Wave of Foreclosures Is Coming

If you’re a home flipper or landlord on the hunt for a new investment, then keep your eyes on early next year. Two reports released this week signal an incoming wave of foreclosures — likely hitting in the first half of 2021, once homeowners have exhausted their mortgage forbearance options allowed under the CARES Act. Those relief options allow borrowers to hit pause on their loans for a total of 360 days (two separate 180-day terms) that started in March 2020.

Foreclosure moratoria are also set to expire in December, opening the door for more lenders to take action against delinquent borrowers in the new year.

And the number of those delinquent borrowers? They’re reaching record-level highs. Let’s look at the new data released this week — and how it may impact investors’ options come 2021.

The proof is in the numbers

According to CoreLogic (NYSE: CLGX), the 150-day delinquency

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