Despite 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