Moratoriums Keep Foreclosures Nearly Nonexistent ☘ Hoey Team ☘ eXp Realty

Dated: August 14 2020

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Even as mortgage delinquencies climb, foreclosure activity continues to be low. Foreclosure moratoriums ordered by federal and state governments during early phases of the pandemic likely helped to minimize the foreclosure rate, says Rick Sharga, executive vice president at RealtyTrac, a real estate data firm.

“It’s inevitable that there will be a significant increase in foreclosures once these moratoriums have expired, although it’s unlikely that we’ll see default rates reach the levels we saw during the Great Recession,” Sharga adds.

Florida Realtors 2020 08 14 - July 2020 Foreclosure Starts per County since the Covid Pandemic happened Hoey Team eXp Realty

In July, 8,892 properties received a foreclosure filing, which includes default notices, scheduled auctions, or bank repossessions. That is down 83% from a year ago, RealtyTrac and ATTOM Data Solutions report. Nationwide, just one out of every 15,337 housing units had a foreclosure filing in July.

In June, distressed sales—foreclosures and short sales—comprised just 3% of sales, according to the National Association of REALTORS®.

With foreclosure moratoriums still in place, another wave of foreclosures likely won’t materialize until at least next year, after the maximum 12 months of mortgage forbearance expires for homeowners. Economists say if homeowners are able to return to work in that time, the economy won’t need to fear a foreclosure crisis. Still, some impact is inevitable once moratoriums expire, housing analysts note.

“Will there be some fallout? Of course,” Matthew Gardner, chief economist of Windermere Real Estate, told realtor.com® at the end of July. “But I don’t think it will be enough to cause [housing] prices to drop.”

Here in Southwest Florida, inventory is low, but we continue to list and sell real estate.  At our Team ☘ and Brokerage, we have been succesfully working 100% virtually / remotely for the past number of years as we grew, so we have been used to this new requirement.

Article content from our NAR (National Association of Realtors) Newsletter and from other sources including Hoey Team ☘ eXp

☘ Need To Work Remotely ~ Visit:  www.itsTheFutureOfWork.Com â˜˜

Hoey Team â˜˜ eXp Realty COVID-19 Resource Page

On this page we are adding a list of Vendors for COVID-19 related items here in SWFL.  Please let us know if there is a Vendor / Store we should add:   www.VisitCollier.Com      Feel free to share with anyone looking.

NOTE for Buyers and Sellers: On our Hoey Team â˜˜ VIRTUAL OPEN HOUSE Page you may WATCH ? Detailed HD 3D Immersive VIDEO ? Walkthrough Tours for all our COMING to MLS & AVAILABLE LISTINGS right HERE: ? www.SWFLVRE.com  ? 

For more Real Estate related information as we go throught this COVID-19 experience, 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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Hope Everyone Remains Safe; we are all in this together; and we trust that we will get through this Coronavirus COVID-19 pandemic more united, as one, with as little loss as possible. 

Please let Kim or Barry know if we can do anything to help anyone in need here in Southwest Florida, weither it is for you or for a loved one, and we are able to help in a responsible social distncing way, we will certainly do what we can to help.

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

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˜˜ brokered by eXp Realty

Email us at Barry@SWFLLuxury.Com  or KimZuponcic@Gmail.com or Call/Text the Hoey Team ☘ at:  (239)-360-5527 

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Feel free to refer any family or friends; it is the greatest compliment that you can give to us; we really appreciate referrals from Past Customers, Friends and Fellow REALTORS, who we help in any way we can. 

Most of our business is referrals by word of mouth; from past Sellers and Buyers who we have helped; please ask for and check out our testimonials and Sales Stats.  Thanks, Barry & Kim â˜˜

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"Your Real Estate Concierge" If you are looking for a REALTOR® or one-stop Real Estate Team who will fully communicate; promptly, professionally, and in detail with you, to efficiently help you wit....

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