Foreclosures are surging now that Covid mortgage bailouts are ending, but they're still at low levels

Foreclosures are surging as Covid mortgage bailouts expire, but they're still at historically low levels

"Despite the increased level of foreclosure activity in September, we're still far below historically normal numbers," said Rick Sharga, executive vice president at RealtyTrac, an ATTOM company.

Large numbers of borrowers are now exiting forbearance programs. The biggest weekly decline so far came last week. The number of borrowers in bailout programs dropped 11% week to week, according to Black Knight, a mortgage data and analytics firm. The foreclosure numbers should stay relatively low because of aggressive modifications by lenders and also because of high levels of home equity, due to the recent housing boom and consequently high home prices. Prices were up over 18% year over year in August, according to CoreLogic.

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