The numbers are far from near the massive 2008 numbers – but the persistent rise in foreclosures signifies trouble in the housing market. I wonder how many Wall Street funds are betting against homeowners this time?
So far, the biggest numbers are in Florida, where a housing bubble and a meteoric rise in homeowners insurance rates put so many people behind the financial eight-ball. Plus, many more homeowners now have adjustable rate mortgages, which are now expensive to refinance (and which played a major role in the 2008 crash). So much for Ron DeSantis’s “Florida Miracle.” Via CNBC.com:
There were 36,766 U.S. properties with some type of foreclosure filing in October — such as default notices, scheduled auctions or bank repossessions, according to Attom, a property data and analytics firm. That was 3% higher than September and a 19% jump from October 2024, and marked the eighth straight month of annual increases, Attom said.
Foreclosure starts, which are the initial phase of the process, rose 6% for the month and were 20% higher than the year before. Completed foreclosures, the final phase, jumped 32% year over year.
“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,” said Attom CEO Rob Barber in a release.
Florida, South Carolina and Illinois led the nation in state foreclosure filings. On a metropolitan area level, Florida’s Tampa, Jacksonville and Orlando had the most filings, with Riverside, California, and Cleveland rounding out the top five.
