🏡 2021 Foreclosure Activity Hits All-Time Low 📉 Hoey Team 🍀 239RealEstateDeals.Com LLC ☘ Southwest Florida 🌴

Dated: January 14 2022

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That tsunami of foreclosures expected when forbearance ended?  Barely a splash.  ATTOM predicts an uptick that won’t reach “normal levels” until year’s end.

Florida Realtor Magazine 2022 01 14 2021 Foreclosure Activity hits an all time low after the China COVID 19 coronavirus plandemic plus Biden Administration Changes Hoey Team 239RealEstateDeals.Com LLC

IRVINE, Calif. – In 2021, foreclosure filings – default notices, scheduled auctions and bank repossessions – hit an all-time low, according to ATTOM’s Year-End 2021 U.S. Foreclosure Market Report. The percent of U.S. properties in foreclosure dropped 29% over 2020 and 95% from a peak of nearly 2.9 million in 2010.

ATTOM says it’s the smallest number of foreclosures since it began tracking in 2005. Overall, 151,153 U.S. properties had foreclosure filings in 2021 or 0.11% of all U.S. housing units, down from 0.16% in 2020 and down from a peak of 2.23% in 2010.

Florida still ranks fairly high in a state-by-state ranking, however it’s not the top foreclosure state in the nation, as it was for many months during the Great Recession. And given the overall drop in 2021 foreclosures, Florida foreclosures did not have a large impact on the market.

“The COVID-19 foreclosure tsunami that some people had anticipated is clearly not happening,” says Rick Sharga, executive vice president at RealtyTrac, an ATTOM company. “Government and mortgage industry efforts have prevented millions of unnecessary foreclosures, and while it’s likely that we’ll see a slight increase in the first quarter, we probably won’t see foreclosure activity back to normal levels before the end of 2022.”

Bank repossessions down 98% since 2010 peak

Lenders repossessed 25,662 properties through foreclosure (REO) in 2021, down 49% from 2020 and down 98% from a peak of 1,050,500 in 2010 – also the lowest level as far back as data is available – 2006.

Florida ranked second in the number of REOs (2,287) after Illinois (3,472). California (1,839), Pennsylvania (1,293) and Texas (1,236) rounded out the top five.

 “We believe that repossessions will continue to be lower than normal throughout 2022,” Sharga says. “Homeowners have a record amount of equity – over $23 trillion – and over 87% of homeowners in foreclosure have positive equity. This means that most borrowers will have an opportunity to sell their house at a profit rather than lose everything to a foreclosure auction.”

Foreclosure starts at record low

The number of homes entering the foreclosure process also hit record lows (since first data collection in 2006), dropping 30% in 2021 compare to 2020, and down 96% from a peak of 2,139,005 in 2009.

 “The government’s foreclosure moratorium, the mortgage forbearance program and the mortgage servicing guidelines enacted by the CFPB in August have kept foreclosure starts artificially low over the past year,” Sharga says. “While the recovering economy should prevent a huge increase in defaults, we should see a gradual increase in foreclosure activity as these programs expire, and servicers exhaust all loan modification options for delinquent borrowers.”

Only four states – and not Florida – saw a 2021 increase in foreclosure starts: South Dakota (up 20%), Vermont (up 36%); North Dakota (up 71%) and Nevada (up 85%).

However, ATTOM says three metropolitan areas (population greater than 1 million) saw an increase in foreclosure starts year-to-year, including Miami (up 17%). Birmingham, Alabama, (up 4%) had a bit less, but Las Vegas, Nevada, (up 142%) had notably more.

Foreclosure rates

Overall, Florida’s foreclosure rate (0.23% of housing units had a foreclosure filing) ranked third nationally. Nevada (0.26%) and Illinois (0.23%) had more, while Delaware (0.21%) and New Jersey (0.19%) had less.

👉 The Hoey Team 🍀 239RealEstateDeals.Com LLC ☘ serves all of Lee County and Collier County, including the Gulf Coast Islands here in Southwest Florida wjere we have 7 of 10 hot market projections for 2022.  We Directly Help / Serve Sellers and We Directly Help / Serve Buyers ☘ 

Recently Barry & Kim with the Hoey Team; 239RealEstateDeals.Com LLC ☘ helped a number of sellers who had been in Foreberance and in similar situations; we were able to get all of them to a "good place"; worry free & stress free; with excellent end results for them.  Also, Kim is a certified stager which helps us additionally on all of our listings.

We help people in many different situations; everybody's situation is different; if you know someone needing help; or simply wants advice, please have them reach out to us in confidence: 239-360-5527; anytime; we continue to achieve and set record setting sales prices in the communities where we list and sell ☘

We also offer a custom Concierge Service, if their property needs work 🍀  For every property situation, we have a solution / solutions ☘

As people continue to move and relocate to the general areas of Lee & Collier Counties from other parts of the United States, it is important that we are able to serve all of the area; which we do efficently, with the ability offer many different Choices and Lifestyles all of which are in abundance here in SW FLA 🌴  239RealEstateDeals.Com LLC had blanket coverage of Southwest Florida and most of Florida for that matter by being members of 4 different MLS systems.

Inventory remains low overall; we do continue to list and market new South Florida property listings to the marketplace and we sell many different type homes; Resale & New Construction; Multigenerational Family Compounds, Regular Single Family Homes, Villas, Townhomes and all Condo types, from low rise, to waterfront high rise right on the beach. 

We have also seen an uptake in people planning ahead, and buying that second home now, rather than waitiang as they were planning to do; especially with Snowmads and Zoombirds.  Previously we had Snowbirds; interesting how terminology keeps changing. 

Lower interest rates (even with recent small fluctuations) are a contributing factor to the increased sales; oftentimes well over asking price.  Low inventory is still the greatest chalenge for buyers who are not prepared; but if prepared you are ahead of the game; ask how we can help with all of that. 

We recently got a number amazing deals for buyers; even in this Hot Sellers Market; and we are working on others; so there are deals out there; if you work with us, we will find them for you. 

For those relocating to Florida, we are pleased to be able to assist homeowners in other parts of the United States who need to sell to buy here; please reach out today for more information and how you can have a smooth, non-stressful transition / relocation.

At our Real Estate Team; Hoey Team ☘ we have been succesfully working 100% virtually / remotely for the past number of years as we continue to grow; i'm glad we already had systems in place to better help sellers and buyer with goal posts continually moving in our industry.

Article content from FR (Florida REALTORS) Newsletter Magazine, and from other sources including Hoey Team, 239RealEstateDeals.Com LLC & Freddie Mac / Fannie Mae - Make sure to ask us for more details; Call 239-360-5527 ☘

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For more Real Estate related information, or if you have questions on any aspect of Buying, Selling, Upsizing, Downsizing, Moving within or Relocating to or from Florida (the number 1 state for people to move to), or on any aspect of the Real Estate Market, Locally, Nationally or Internationally, please let us know, we can help, we can address / answer your questions, and we are always available to help you or someone you know.

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Also; please check out the other blogs, and tabs to many other Links, Updates, Reports & Stats that we have here on our informational website.  

We hope that you find the information useful.  If you have any questions, please do not hesitate to contact Barry or Kim with the Hoey Team â˜˜ 239RealEstateDeals.Com LLC

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Barry & Kim, Hoey Team 🍀 239RealEstateDeals.Com LLC ☘

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