Forget Forbearance While foreclosure starts are up 32% in 21Q3 Q-o-Q and 67% higher Y-o-Y, they remain spectacularly low. In 21Q3, lenders commenced foreclosures on 25,209 units, traditionally they have numbered 40,000/month. Last year, in some months foreclosures numbered as few as 4,000/month. Moreover, just 1.4 million borrowers remain in foreclosure with the number now dropping very rapidly. While foreclosure numbers will slowly return to normal, a forbearance cliff is most unlikely.