REO

The ongoing CARES Act foreclosure moratoria may have led to distressed borrowers abandoning their homes, according to Attom Data Solutions.

Most of the activity covered vacant and abandoned properties or commercial loans, according to Attom Data Solutions.

One government agency is committed to collecting new data about foreclosure sale outcomes during the current lull in activity. The industry hopes it won’t lead to developments that bog down work later.

While foreclosure moratoria keep the overall numbers down, zombie foreclosure rates jumped in the majority of states, according to Attom Data Solutions.

With President Biden extending the moratorium, foreclosures hit an all-time low at the start of 2021 as millions of delinquent borrowers avoided entering the process, according to Attom Data Solutions.

The government-sponsored enterprises’ moratoria will now continue well past inauguration day, according to the Federal Housing Finance Agency.

While the annual total marks a 16-year low, the numbers are likely to change dramatically once government moratoria expire, according to Attom Data Solutions.

Recipients can’t charge penalties for, or engage in, evictions solely for nonpayment, must provide a written notice of tenant rights, flexibility in repayment and, where applicable, 30-day vacate notices.

The November foreclosure rate represented an 80% decline from the year before, according to Attom Data Solutions.

While sales increased 24% over August, they were still down 78% from the prior year, Auction.com reported.