Zombie Foreclosures Remain Low For Now
Summary
The nation’s total stock of residential properties is 98.4 million, and the portion represented by zombie foreclosures remain miniscule. The moratorium, enforced by the Center for Disease Control (CDC), prevented lenders from taking back properties from delinquent homeowners. But that could easily change over the coming months as lenders are now free to take back properties from delinquent homeowners,” said Todd Teta, chief product officer with ATTOM. Some may decide to vigorously pursue foreclosures to recoup losses from the pandemic while others give homeowners more time to get back on their feet. Second, theyve also given the go-ahead to re-start the foreclosure process on loans that were already 120 days delinquent prior to the moratorium, and its not unlikely that over the past 15 months many of those financially-distressed homeowners have vacated their properties.” ATTOM will continue to track and analyze zombie foreclosure activity, nationwide, to measure the effects of ending the federal moratorium.