"As of October, foreclosure activity had risen by 19% when compared with the same month last year.1 It was 3% higher than September's levels.1 That said, foreclosure activity is "below historic highs," according to a report by real estate data firm ATTOM. Why This Matters to Homebuyers Rising foreclosure rates can impact the housing market in several ways, which can potentially increase the number of houses for sale and affect selling prices."
"Some states have been more impacted than others. In Florida, foreclosure activity-defined as default notices, scheduled auctions, and bank repossessions-rose more than 70% in October year-over-year. In South Carolina, foreclosure activity was up by almost 68%, while Illinois saw a nearly 33% rise and Delaware was higher by about 25%. And while Colorado and Alaska were lower on the list, total foreclosure activity in those states spiked by about 145% and 127%, respectively."
Foreclosure activity increased 19% in October compared with the same month last year and was 3% higher than September. Foreclosure activity remains below historic highs. Rising foreclosure rates can increase the number of houses for sale and can affect selling prices. Foreclosure metrics offer insight into housing market health and can help potential buyers plan for costs and risks associated with homebuying. Foreclosure activity is defined to include default notices, scheduled auctions, and bank repossessions. State-level spikes included Florida (+70%), South Carolina (+68%), Illinois (+33%), Delaware (+25%), Colorado (+145%), and Alaska (+127%).
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