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Irvine, CA

In March, as the coronavirus pandemic was taking hold on the nation, foreclosure rates were dropping to the lowest levels since the recession. According to research from ATTOM Data Solutions, there were 156,253 foreclosures in the US in the first quarter, a year-over-year decrease of 3%. In March, foreclosures in the US totaled 46,800, a month-over-month decrease of 3% and a year-over-year increase of 20%. The report shows a consistent decrease in foreclosure activity over the course of this recovery cycle.

“Prior to the more recent developments associated with the coronavirus pandemic our country is facing, employment and wages were up and the stock market soared to record levels, which contributed to Americans having access to multiple resources to keep up with their mortgages and avoid foreclosure,” Todd Teta, chief product officer at ATTOM, tells GlobeSt.com. “At the same time, home values spiked and interest rates fell to historic lows. That offered homeowners the opportunity to refinance their loans and lower their mortgage payments, while also providing greater collateral that could be used to get those more-affordable loans.”

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Kelsi Maree Borland

Kelsi Maree Borland is a freelance journalist and magazine writer based in Los Angeles, California. For more than 5 years, she has extensively reported on the commercial real estate industry, covering major deals across all commercial asset classes, investment strategy and capital markets trends, market commentary, economic trends and new technologies disrupting and revolutionizing the industry. Her work appears daily on GlobeSt.com and regularly in Real Estate Forum Magazine. As a magazine writer, she covers lifestyle and travel trends. Her work has appeared in Angeleno, Los Angeles Magazine, Travel and Leisure and more.

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