A total of 36,766 residential properties in October had foreclosure filings— default notices, scheduled auctions or bank repossessions — up 3% from the prior month and up 19% from one year earlier. According to data from ATTOM, this marks the eighth consecutive month with year-over-year increases.
Nationwide, one in every 3,871 housing units had a foreclosure filing in October. The states with the worst foreclosure rates were Florida (one in every 1,829 housing units with a foreclosure filing); South Carolina (one in every 1,982 housing units); Illinois (one in every 2,570 housing units); Delaware (on in every 2,710 housing units); and Nevada (one in every 2,747 housing units).
Lenders started the foreclosure process on 25,129 properties in October, up 6% month-over-month and up 20% year-over-year. Lenders repossessed 3,872 properties through completed foreclosures (REOs) last month, an increase of 2% from September and up 32% from October 2024.
ATTOM CEO Rob Barber observed, “Even with these increases, activity remains well below historic highs. The current trend appears to reflect a gradual normalization in foreclosure volumes as market conditions adjust and some homeowners continue to navigate higher housing and borrowing costs.”
These statistics may not reflect “hard money loans” or “private credit loans”. There are a LARGE number of private credit loans(hard money) in residential, development land, businesses and commercial real estate. Little regulation. This could be a HUGE factor in the economy when defaults rise.