Safeguard Properties

Commercial and Multifamily Mortgage Debt Outstanding Increased in Third-Quarter 2025

Posted on by Safeguard

Industry Update
January 13, 2025

Source: Mortgage Bankers Association

The level of commercial/multifamily mortgage debt outstanding increased by $53.4 billion (1.1 percent) in the third quarter of 2025, according to the Mortgage Bankers Association’s (MBA) latest Commercial/Multifamily Mortgage Debt Outstanding quarterly report.

Total commercial/multifamily mortgage debt outstanding rose to $4.93 trillion at the end of the third quarter. Multifamily mortgage debt alone increased $40.3 billion (1.8 percent) to $2.24 trillion from the second quarter of 2025.

“Commercial and multifamily mortgage debt continued to grow during last year’s third quarter, driven by strong increases in multifamily lending,” said Reggie Booker, MBA’s Associate Vice President of Commercial Research. “While economic and market uncertainty persists, agency and GSE portfolios once again led the market, with banks and life insurance companies also posting solid gains. Total commercial real estate debt increased to $4.93 trillion in the third quarter, up 1.1 percent from the second quarter and up 4.0 percent from the third quarter of 2024. Multifamily debt grew to $2.24 trillion, up 1.8 percent from the second quarter and up 5.9 percent from the third quarter of 2024, and now accounts for 22.5 percent of total commercial debt.”

The four largest investor groups are: banks and thrifts; federal agency and government sponsored enterprise (GSE) portfolios and mortgage-backed securities (MBS); life insurance companies; and commercial mortgage-backed securities (CMBS), collateralized debt obligation (CDO) and other asset-backed securities (ABS) issues.

Commercial banks continue to hold the largest share (37 percent) of commercial/multifamily mortgages at $1.8 trillion. Agency and GSE portfolios and MBS are the second-largest holders of commercial/multifamily mortgages (23 percent) at $1.11 trillion. Life insurance companies hold $783 billion (16 percent), and CMBS, CDO and another other ABS issues hold $642 billion (13 percent). Many life insurance companies, banks and the GSEs purchase and hold CMBS, CDO and other ABS issues. These loans appear in the report in the “CMBS, CDO and other ABS” category.

MBA’s analysis summarizes the holdings of loans or, if the loans are securitized, the form of the security. For example, many life insurance companies invest both in whole loans for which they hold the mortgage note (and which appear in this data under Life Insurance Companies) and in CMBS, CDOs and other ABS for which the security issuers and trustees hold the note (and which appear here under CMBS, CDO and other ABS issues).

MULTIFAMILY MORTGAGE DEBT OUTSTANDING

Looking solely at multifamily mortgages in the third quarter of 2025, agency and GSE portfolios and MBS hold the largest share of total multifamily debt outstanding at $1.11 billion (50 percent), followed by banks and thrifts with $651 billion (29 percent), life insurance companies with $263 billion (12 percent), state and local government with $93 billion (4 percent), and CMBS, CDO and other ABS issues holding $70 billion (3 percent).

CHANGES IN COMMERCIAL/MULTIFAMILY MORTGAGE DEBT OUTSTANDING

In the third quarter, agency and GSE portfolios and MBS saw the largest gains in dollar terms in their holdings of commercial/multifamily mortgage debt – an increase of $27.8 billion (2.6 percent). Bank and thrifts increased their holdings by $13.8 billion (0.8 percent), life insurance companies increased their holdings by $12.1 billion (1.6 percent), and Federal government increased their holdings by $1.2 billion (1.2 percent).

In percentage terms, agency and GSE portfolios and MBS saw the largest increase – 2.6 percent – in their holdings of commercial/multifamily mortgages. Conversely, REITs saw their holdings decrease 2.5 percent.

CHANGES IN MULTIFAMILY MORTGAGE DEBT OUTSTANDING

The $40.3 billion increase in multifamily mortgage debt outstanding from the second quarter of 2025 represents a quarterly gain of 1.8 percent. In dollar terms, agency and GSE portfolios and MBS saw the largest gain – $27.8 billion (2.6 percent) – in their holdings of multifamily mortgage debt. Bank and thrifts increased their holdings by $6.4 billion (1.0 percent), and life insurance companies increased by $6.4 billion (2.5 percent).

Nonfinancial corporate business saw the largest percentage increase in their holdings of multifamily mortgage debt, up 7.3 percent. State and local government retirement funds saw the largest decline in their holdings of multifamily mortgage debt at 1.9 percent.

MBA’s analysis is based on data from the Federal Reserve Board’s Financial Accounts of the United States, the Federal Deposit Insurance Corporation’s Quarterly Banking Profile, and data from Trepp LLC. More information on this data series is contained in Appendix A.

 

For full report, please click the source link above.

 

ICE First Look at Mortgage Performance: Seasonal and Calendar Factors Drive Rise in November Delinquencies

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Industry Update
December 23, 2025

Source: ICE Mortgage Technology

ICE Mortgage Technology, a neutral provider of a robust end-to-end mortgage platform and part of Intercontinental Exchange, Inc. (NYSE: ICE), today released the November 2025 ICE First Look at mortgage delinquency, foreclosure and prepayment trends.

“While the topline delinquency numbers show a sharp increase, we’ve seen comparable spikes in prior years when November ended on a Sunday and scheduled payments didn’t post until early December,” said Andy Walden, Head of Mortgage and Housing Market Research at ICE. “Overall performance was in line with what historical patterns would suggest. That said, December data will be important to watch to confirm how quickly borrowers recover from this temporary uptick.”

Key takeaways from this month’s findings include:

Delinquencies rose: The number of past-due mortgages rose by 275,000 from October to 2.3 million in November, pushing the national delinquency rate to 3.85% — the highest level in over four years.

Inflow of newly delinquent borrowers: 609,000 borrowers who were current on payments in October became delinquent in November, marking the largest single-month inflow since May 2020. Rolls from 30- to 60-day and 60- to 90-day delinquency bands also increased sharply.

Delinquencies aligned with historical calendar effects: November’s delinquency rate increase was in line with prior years when the month ended on a Sunday, which last occurred in 2014 (+61 bps), 2008 (+112 bps), and 2003 (+57 bps) — all of which exceeded this year’s 50 basis point increase.

Prepayments declined: After reaching a 3.5-year high in October, prepayment activity retreated in November, falling 18% month over month.

Foreclosure activity mixed: Foreclosure activity dipped in November due to seasonal and calendar effects. However, foreclosure starts (+25%), sales (+25%) and active foreclosure volumes (+21%) all remain well above last year’s levels.

 

For full report, please click the source link above.

 

FEMA Fire Management Assistance Declaration – Oklahoma Sunny Fire

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FEMA Alert
December 19, 2025

FEMA has issued a Fire Management Assistance Declaration for the state of Oklahoma to supplement state, tribal and local recovery efforts in areas affected by the Sunny Fire on December 19, 2025.  The following counties have been approved for assistance:

Public Assistance:

  • Kiowa

 

Oklahoma Sunny Fire (FM-5615-OK)

List of Affected Zip Codes

 

Additional Resources

FEMA’s web site

FEMA’s Disaster Declaration Process

Safeguard Properties Industry Alerts

HUD Moratorium on Foreclosure

VA’s Policy Regarding Natural Disasters

Freddie Mac Disaster Relief Policies

Fannie Mae’s Natural Disaster Relief Policies

Safeguard COO Mike Greenbaum Featured in DSNews

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Safeguard in the News
December 2025

Source: DSNews

MIKE GREENBAUM COO, Safeguard Properties

Q: How is Safeguard leveraging technology such as AI to improve efficiency or compliance in field services today?

GREENBAUM: Safeguard is using AI to solve long-standing operational bottlenecks in field services rather than treat AI as a buzzword. Our approach focuses on practical automation that enhances compliance, improves accuracy, and reduces turnaround time. Key areas include:

AI-Driven Photo & Video Validation

  • Automated routine enforcement using GPS, geofencing, and image analysis.
  • Occupancy detection from both photos and 360-degree drive-by video.
  • Hazard Insurance damage detection.
  • Build expectancy in our audit processes based on Computer Vision and Machine Learning.

AI-Supported Script Processing

  • Our inspection scripts now allow AI to answer structured questions based on video walkthroughs.
  • CoreScript automation helps flag missing photos, inconsistent answers, and items not in compliance before orders reach QA.

AI Agents for Vendor Performance

  • Automated routines track zone capacity, underperformance, milestone gaps, production rate, and delayed commitments.
  • Alerts are sent to vendors via text, app notifications, and weekly summaries.

Q: How do you balance the human expertise required for nuanced field decisions with the increasing automation of inspections, reporting, and quality assurance?

GREENBAUM: Automation is powerful—but field conditions are nuanced, and the wrong kind of automation can misinterpret critical risks. Our philosophy is: AI does the repeatable work. Humans do the judgment work.

  • AI handles tasks requiring volume and consistency: labeling photos, detecting anomalies, verifying GPS, flagging risks, and identifying missing requirements.
  • Humans assess complex structural issues, interpret nuanced damage, handle homeowner interactions, and determine conveyance readiness.

We design systems so inspectors spend more time on decisions and less on documentation; back-office staff focus on exceptions; and AI provides a second set of eyes, not a substitute.

Q: How are companies like Safeguard managing to maintain service quality and compliance standards despite financial pressure from pricing models that may not have been updated?

GREENBAUM: Safeguard succeeds by aggressively optimizing operational efficiency:

  • AI-driven QA and audit reduce rework and prevent curtailments.
  • Better routing and mobile workflows minimize drive time.
  • Training programs stabilize vendor performance.
  • Data-driven vendor capacity management ensures assignment accuracy.
  • Automation reduces overhead, preserving vendor payments.

We remove inefficiency rather than reduce quality.

Q: Labor shortages continue to challenge preservation firms nationwide. What are the biggest hurdles you face when recruiting and retaining qualified field contractors today?

GREENBAUM: Key challenges:

  • Gig workers expect faster pay cycles, routing, and minimal paperwork.
  • Skill mismatch between general gig labor and preservation requirements.
  • Rising fuel and insurance costs.
  • Coverage gaps in rural regions.

Safeguard addresses this with app-based assignments, video training, realistic expectations, and consistent work volume.

Q: How do generational shifts in the workforce— especially younger workers’ expectations for technology, flexibility, and communication— affect the way you structure field operations or training programs?

GREENBAUM: Younger workers expect mobile tools, fast communication, feedback loops, transparency, and flexible work.

Safeguard adapts through:

  • Modernized mobile app interfaces
  • In-app messaging and automated reminders
  • Video-based training
  • Gamified dashboards for performance and capacity

This improves onboarding, retention, and productivity.

Q: There has been notable consolidation across field services and related sectors in recent years. How is this reshaping the competitive landscape?

GREENBAUM: Consolidation has created fewer, larger national players with the scale to invest in technology. Smaller providers struggle with fluctuating volumes and compliance requirements. Safeguard’s national infrastructure and technology depth give it an advantage in this environment.

Q: Are there opportunities for greater collaboration across preservation, asset management, and mortgage servicing that the industry hasn’t fully capitalized on yet?

GREENBAUM: Yes—significant opportunities exist:

  • Unified data models for preservation, valuations, inspections, and asset disposition
  • Shared AI-driven risk scoring
  • Consolidated vendor performance tracking
  • Better integration of insurance loss draft workflows
  • Standardized occupancy verification approaches

The technology exists—the coordination can be enhanced.

Q: What are the “blind spots” you think the industry still has: areas that aren’t getting enough attention but will be critical for long-term sustainability?

GREENBAUM: Critical blind spots include:

  • Occupancy verification accuracy
  • Aging vendor workforce
  • Climate-driven damages are increasing in frequency and cost
  • Underutilization of remote sensors, cameras, and robotics
  • Data interoperability gaps across servicing ecosystem
  • Fraud detection opportunities using AI that remain underdeveloped

Safeguard is actively building solutions to address these blind spots.

 

To access the full story, please click the source link above.

FEMA Emergency Management Declaration – Montana Severe Storms and Flooding

Posted on by Safeguard

FEMA Alert
December 19, 2025

FEMA has issued an Emergency Management Declaration for the state of Montana to supplement state, tribal and local recovery efforts in areas affected by severe storms and flooding beginning December 10, 2025 and continuing.  The following counties have been approved for assistance:

Public Assistance:

  • Blackfeet Indian Reservation
  • Lincoln
  • Sanders

 

Montana Severe Storms and Flooding (EM-3630-MT)

President Donald J. Trump Approves Emergency Declaration for State of Montana

Map of Affected Areas

List of Affected Zip Codes

 

Additional Resources

FEMA’s web site

FEMA’s Disaster Declaration Process

Safeguard Properties Industry Alerts

HUD Moratorium on Foreclosure

VA’s Policy Regarding Natural Disasters

Freddie Mac Disaster Relief Policies

Fannie Mae’s Natural Disaster Relief Policies

FEMA Major Disaster Declaration – Kansas Severe Storms, Straight-line Winds, and Flooding

Posted on by Safeguard

FEMA Alert
December 19, 2025

FEMA has issued a Major Disaster Declaration for the state of Kansas to supplement state, tribal and local recovery efforts in areas affected by severe storms, straight-line winds, and flooding from July 17-22, 2025.  The following counties have been approved for assistance:

Public Assistance:

  • Barton
  • Comanche
  • Edwards
  • Hodgeman
  • Logan
  • Morris
  • Ottawa
  • Rawlins
  • Saline
  • Stevens
  • Sumner
  • Wyandotte

 

Kansas Severe Storms, Straight-line Winds, and Flooding (DR-4897-KS)

Map of Affected Areas

List of Affected Zip Codes

 

Additional Resources

FEMA’s web site

FEMA’s Disaster Declaration Process

Safeguard Properties Industry Alerts

HUD Moratorium on Foreclosure

VA’s Policy Regarding Natural Disasters

Freddie Mac Disaster Relief Policies

Fannie Mae’s Natural Disaster Relief Policies

OCC Reports Mortgage Performance for Third Quarter of 2025

Posted on by Safeguard

Industry Update
December 15, 2025

Source: Office of the Comptroller of the Currency

The Office of the Comptroller of the Currency (OCC) reported on the performance of first-lien mortgages in the federal banking system during the third quarter of 2025.

The OCC Mortgage Metrics Report, Third Quarter 2025 showed that 97.4 percent of mortgages included in the report were current and performing at the end of the quarter, remaining unchanged from 97.4 percent one year earlier.

The percentage of seriously delinquent mortgages – mortgages that are 60 or more days past due and all mortgages held by bankrupt borrowers whose payments are 30 or more days past due – also remained unchanged from the third quarter of 2024.

Servicers initiated 7,903 new foreclosures in the third quarter of 2025 showing an increase from the previous quarter and an increase from a year earlier.

Servicers completed 8,190 modifications during the third quarter of 2025, a 2.7 percent decrease from the previous quarter’s 8,419 modifications. Of these 8,190 modifications, 7,755, or 94.7 percent, were “combination modifications” — modifications that included multiple actions affecting the affordability and sustainability of the loan, such as an interest rate reduction and a term extension.

The first-lien mortgages included in the OCC’s quarterly report comprise approximately 20 percent of all residential mortgage debt outstanding in the United States or approximately 10.5 million loans totaling $2.7 trillion in principal balances.

This report provides information on mortgage performance through September 30, 2025, and is available on the OCC’s website.

With this publication, the OCC is transitioning to a new online version of the quarterly Mortgage Metrics Report that provides additional transparency into and search capability for the contents of all OCC mortgage metric report data compiled since the third quarter of 2016. On the new interactive webpage, data will be available for download in a variety of formats and based on timespan selected by users.

 

For full report, please click the source link above.

 

U.S. Foreclosure Rates by State – November 2025

Posted on by Safeguard

Industry Update
December 12, 2025

Source: ATTOM

What Is the Current Foreclosure Rate in the U.S.?

In November 2025, U.S. foreclosure activity dipped slightly from the prior month but continued to trend higher than a year earlier.

Total filings: 35,651 properties with default notices, scheduled auctions, or bank repossessions

Monthly change: Down 3% from October 2025

Year-over-year change: Up 21% from November 2024

National rate: One in every 3,992 housing units had a foreclosure filing

States with the worst foreclosure rates: Delaware, South Carolina, Nevada, New Jersey, and Florida

Foreclosure Starts and Completions

Starts: Lenders initiated foreclosure proceedings on 23,720 U.S. properties during November 2025 — a 6% decrease from October but still 17% above the level seen one year ago.

Completions (REOs): Lenders repossessed 3,884 properties, essentially flat month-over-month but up 26% compared to November 2024.

What’s Driving November 2025 Foreclosure Trends?

Foreclosure rates in November 2025 were highest in Delaware, South Carolina, and Nevada, with New Jersey and Florida also among the most affected states. This geographic spread, from the Mid-Atlantic to the Southeast and West, suggests that foreclosure activity is being shaped by nationwide affordability hurdles, persistent borrowing costs, and localized market pressures rather than a single regional driver.

Foreclosure Rates by State – November 2025

Below is the complete state-by-state foreclosure ranking for November 2025 and the top 4 counties with the worst foreclosure rates per state.

  1. Delaware

1 in every 1,924 housing units (238 filings / 457,958 units)

Counties: New Castle, Kent, Sussex

  1. South Carolina

1 in every 1,973 housing units (1,217 filings / 2,401,638 units)

Counties: Dorchester, Spartanburg, Richland, Kershaw

  1. Nevada

1 in every 2,373 housing units (551 filings / 1,307,338 units)

Counties: Lyon, Clark, Lincoln, Elko

  1. New Jersey

1 in every 2,511 housing units (1,504 filings / 3,775,842 units)

Counties: Salem, Cumberland, Sussex, Gloucester

  1. Florida

1 in every 2,565 housing units (3,930 filings / 10,082,356 units)

Counties: Hendry, Hamilton, Wakulla, Charlotte

  1. Indiana

1 in every 2,802 housing units (1,054 filings / 2,953,344 units)

Counties: Martin, Pike, Perry, Lake

  1. Illinois

1 in every 3,028 housing units (1,798 filings / 5,443,501 units)

Counties: Marshall, Kankakee, Will, Mason

  1. Pennsylvania

1 in every 3,163 housing units (1,827 filings / 5,779,663 units)

Counties: Philadelphia, Potter, Delaware, Warren

  1. Utah

1 in every 3,233 housing units (369 filings / 1,193,082 units)

Counties: Carbon, Piute, Tooele, Millard

  1. Maryland

1 in every 3,349 housing units (760 filings / 2,545,532 units)

Counties: Baltimore City, Charles, Kent, Calvert

  1. Ohio

1 in every 3,576 housing units (1,474 filings / 5,271,573 units)

Counties: Cuyahoga, Knox, Jefferson, Columbiana

  1. Iowa

1 in every 3,697 housing units (386 filings / 1,427,175 units)

Counties: Adams, Wayne, Decatur, Pocahontas

  1. Idaho

1 in every 3,716 housing units (209 filings / 776,683 units)

Counties: Washington, Payette, Lincoln, Oneida

  1. Texas

1 in every 3,765 housing units (3,158 filings / 11,890,808 units)

Counties: Liberty, Archer, Terry, Caldwell

  1. Oklahoma

1 in every 3,783 housing units (466 filings / 1,763,036 units)

Counties: Logan, Ottawa, Jackson, Seminole

  1. Louisiana

1 in every 3,885 housing units (539 filings / 2,094,002 units)

Counties: Tangipahoa, Livingston, Red River, Iberville

  1. Arizona

1 in every 3,948 housing units (796 filings / 3,142,443 units)

Counties: Graham, Pinal, Cochise, Greenlee

  1. North Carolina

1 in every 4,077 housing units (1,181 filings / 4,815,195 units)

Counties: Gates, Hertford, Cleveland, Hoke

  1. California

1 in every 4,112 housing units (3,534 filings / 14,532,683 units)

Counties: Lake, Madera, Shasta, Butte

  1. Alaska

1 in every 4,196 housing units (76 filings / 318,927 units)

Counties: Sitka, Aleutians West, Southeast Fairbanks, Kenai Peninsula

  1. Georgia

1 in every 4,295 housing units (1,044 filings / 4,483,873 units)

Counties: Crawford, McIntosh, Lanier, Baldwin

  1. Arkansas

1 in every 4,403 housing units (314 filings / 1,382,664 units)

Counties: Sharp, Crittenden, Desha, Hot Spring

  1. Wyoming

1 in every 4,586 housing units (60 filings / 275,131 units)

Counties: Campbell, Converse, Fremont, Natrona

  1. Alabama

1 in every 4,651 housing units (498 filings / 2,316,192 units)

Counties: Perry, Hale, Franklin, Monroe

  1. New York

1 in every 4,776 housing units (1,788 filings / 8,539,536 units)

Counties: Rockland, Nassau, Putnam, Cayuga

  1. Minnesota

1 in every 4,931 housing units (511 filings / 2,519,538 units)

Counties: Pipestone, Stearns, Pine, Sherburne

  1. Michigan

1 in every 5,116 housing units (899 filings / 4,599,683 units)

Counties: Saint Clair, Tuscola, Shiawassee, Oceana

  1. Kentucky

1 in every 5,263 housing units (382 filings / 2,010,655 units)

Counties: Boyd, Simpson, Breckinridge, Henry

  1. Connecticut

1 in every 5,279 housing units (291 filings / 1,536,049 units)

Counties: Northeastern Connecticut, South Central Connecticut, Northwest Hills, Southeastern Connecticut

  1. Virginia

1 in every 5,328 housing units (686 filings / 3,654,784 units)

Counties: Petersburg City, Dinwiddie, Martinsville City, Emporia City

  1. Colorado

1 in every 5,336 housing units (477 filings / 2,545,124 units)

Counties: Logan, Jackson, Pueblo, Morgan

  1. New Mexico

1 in every 5,553 housing units (171 filings / 949,524 units)

Counties: Roosevelt, Valencia, Chaves, Colfax

  1. Maine

1 in every 5,656 housing units (132 filings / 746,552 units)

Counties: Somerset, Oxford, Penobscot, York

  1. Washington

1 in every 5,734 housing units (569 filings / 3,262,667 units)

Counties: Wahkiakum, Clallam, Cowlitz, Lewis

  1. Oregon

1 in every 5,818 housing units (316 filings / 1,838,631 units)

Counties: Wheeler, Crook, Columbia, Lake

  1. Tennessee

1 in every 5,863 housing units (528 filings / 3,095,472 units)

Counties: Hickman, Hancock, Trousdale, Meigs

  1. Rhode Island

1 in every 6,213 housing units (78 filings / 484,615 units)

Counties: Providence, Kent, Washington, Bristol

  1. Missouri

1 in every 6,754 housing units (416 filings / 2,809,501 units)

Counties: Chariton, Clinton, Audrain, Knox

  1. New Hampshire

1 in every 6,854 housing units (94 filings / 644,253 units)

Counties: Cheshire, Sullivan, Coos, Rockingham

  1. Massachusetts

1 in every 7,299 housing units (413 filings / 3,014,657 units)

Counties: Franklin, Berkshire, Plymouth, Hampden

  1. Nebraska

1 in every 8,821 housing units (97 filings / 855,631 units)

Counties: Clay, Jefferson, Scotts Bluff, Hamilton

  1. Wisconsin

1 in every 9,139 housing units (301 filings / 2,750,750 units)

Counties: Iron, Racine, Ashland, Dodge

  1. Hawaii

1 in every 9,911 housing units (57 filings / 564,905 units)

Counties: Hawaii, Honolulu, Maui, Kauai

  1. North Dakota

1 in every 11,360 housing units (33 filings / 374,866 units)

Counties: Foster, Stark, McHenry, Pembina

  1. Mississippi

1 in every 11,795 housing units (113 filings / 1,332,811 units)

Counties: Humphreys, Stone, Chickasaw, Claiborne

  1. Montana

1 in every 12,161 housing units (43 filings / 522,939 units)

Counties: Golden Valley, Fallon, Big Horn, Mineral

  1. Kansas

1 in every 13,529 housing units (95 filings / 1,285,221 units)

Counties: Morton, Rush, Stafford, Scott

  1. Vermont

1 in every 28,089 housing units (12 filings / 337,072 units)

Counties: Orleans, Washington, Rutland, Windsor

  1. West Virginia

1 in every 33,064 housing units (26 filings / 859,653 units)

Counties: Jefferson, Marion, Roane, McDowell

  1. South Dakota

1 in every 44,323 housing units (9 filings / 398,903 units)

Counties: Hughes, Brown, Minnehaha

 

For full report, please click the source link above.

 

FEMA Emergency Management Declaration – Washington Severe Storms, Straight-line Winds, Flooding, Landslides, and Mudslides

Posted on by Safeguard

FEMA Alert
December 12, 2025

FEMA has issued an Emergency Management Declaration for the state of Washington to supplement state, tribal and local recovery efforts in areas affected by severe storms, straight-line winds, flooding, landslides and mudslides beginning December 9, 2025 and continuing.  The following counties have been approved for assistance:

Public Assistance:

  • Benton
  • Chelan
  • Clallam
  • Grays Harbor
  • Jefferson
  • King
  • Kittitas
  • Lewis
  • Mason
  • Pierce
  • Samish (TDSA)
  • Skagit
  • Snohomish
  • Thurston
  • Wahkiakum
  • Whatcom
  • Yakima

 

Washington Severe Storms, Straight-line Winds, Flooding, Landslides, and Mudslides (EM-3629-WA)

President Donald J. Trump Approves Emergency Declaration for State of Washington

List of Affected Zip Codes

 

Additional Resources

FEMA’s web site

FEMA’s Disaster Declaration Process

Safeguard Properties Industry Alerts

HUD Moratorium on Foreclosure

VA’s Policy Regarding Natural Disasters

Freddie Mac Disaster Relief Policies

Fannie Mae’s Natural Disaster Relief Policies

Late-stage Missed Payments Raise Delinquency Rates

Posted on by Safeguard

Industry Update
December 9, 2025

Source: Cotality

Cotality, a leading global property information, analytics, and data-enabled solutions provider, today released its latest Loan Performance Indicators, which analyzes mortgage delinquencies nationally and across major metropolitan areas. In September 2025, the share of mortgages in some stage of delinquency (30 or more days past due, including foreclosures) was 3%, which was unchanged from 2024. However, delinquencies increased slightly from 2.9% in the second quarter of 2025.

“The national delinquency rate has remained relatively stable over the past year and quarter. It is still up from the record lows seen in mid-2024. Even so, delinquencies remain low by historical standards, at just a quarter of the peak levels experienced during the Great Financial Crisis,” said Molly Boesel, Senior Principal Economist at Cotality. “However, we’re seeing signs of stress beneath the surface and some indication that borrowers who fall behind are struggling to catch up, progressing into later stages of delinquency. This is particularly evident at the metro level, where the share of areas with rising overall delinquencies declined from 70 percent in September 2024 to 48 percent in September 2025. Yet, the share with increasing foreclosure rates jumped from 8 percent to 39 percent over the same period. These trends suggest growing challenges for borrowers once they become delinquent.”

Despite concerns that borrowers may struggle to become current after falling into delinquency, the U.S. foreclosure inventory rate remained unchanged year over year at 0.3% in September 2025 and near the historical low of 0.2%.

Cotality examines all delinquency stages to gain a complete view of the mortgage market and loan performance health. In September 2025, the U.S. delinquency and transition rates and their year-over-year changes were as follows:

Early-Stage Delinquencies (30 to 59 days past due): 1.6%, unchanged from 1.6% in September 2024.

Adverse Delinquency (60 to 89 days past due): 0.5%, unchanged from September 2024.

Serious Delinquency (90 days or more past due, including loans in foreclosure): 1%, an increase from 0.9% in September 2024. The serious delinquency rate has been moving in a narrow range of 0.9% to 1.0% since June 2024.

Transition Rate (the share of mortgages that transitioned from current to 30 days past due): 0.7%, down from 0.8% in September 2024.

State and Metro Takeaways

In September 2025, 18 states logged year-over-year increases in their overall delinquency rate. The locations with the highest increases were Arizona, Nevada, and Georgia which were all up 0.2 percentage points. All other states had changes ranging between -0.2 and 0.1 percentage points.

In September 2025, 186 out of 384 U.S. metropolitan areas posted an annual increase in their overall delinquency rate. The top areas include: Odessa, Texas (up 1.3 percentage points); San Angelo, Texas (up 1 percentage point); Farmington, New Mexico, and Jonesboro, Arkansas (both up 0.8 percentage points). All other year-over-year changes ranged between -0.8 and 0.7 percentage points.

In September 2025, 174 metropolitan areas posted an annual increase in their serious delinquency rate. The top areas include San Angelo, TX (up 0.5 percentage points); Odessa, TX; Lakeland-Winter Haven and Cape Coral-Fort Myers, FL; and Lima, OH (all up 0.4 percentage points). All other year-over-year changes ranged between -0.7 and 0.3 percentage points.

The next Cotality Loan Performance Insights Report will be released on February 27, 2026, featuring data for the fourth quarter of 2025. For ongoing housing trends and data, visit the Cotality Insights Blog.

 

For full report, please click the source link above.