U.S. Home Vacancy Rate Steady for 13th Straight Quarter

Industry Update
May 29, 2025

Source: ATTOM

ATTOM, a leading curator of land, property data, and real estate analytics, today released its second-quarter 2025 Vacant Property and Zombie Foreclosure Report showing that 1.4 million (1,382,480) residential properties, about 1.3 percent of all homes in the United States, are vacant. The latest data marks the thirteenth consecutive quarter that the vacancy rate has hovered around 1.3 percent.

The report analyzes publicly recorded real estate data collected by ATTOM — including foreclosure status, equity and owner-occupancy status — matched against monthly updated vacancy data. (See full methodology below).

ATTOM’s analysis shows that 222,358 properties were in the foreclosure process during the second quarter of 2025, up 4.8 percent from the first quarter of the year but down 6.3 percent year-over-year. Prior to this latest increase, the number of properties in foreclosure had gone down in each of the previous five quarters.

In the second quarter, 7,329 of those pre-foreclosure properties, 3.3 percent, were “zombie” properties, meaning they had been abandoned by their owners and sat vacant during the foreclosure process. The proportion of pre-foreclosure homes that are vacant is essentially the same as the first quarter of 2025 but up slightly from 2.9 percent during the same period last year.

Zombie properties, which can fall into disrepair and negatively impact property values in a neighborhood, are seen as a sign of an unhealthy housing market and economy. The low rate of zombie properties—only one in every 14,207 homes in the U.S. in the second quarter of 2025—is indicative of the strength of the post-pandemic housing market.

“Thankfully, we’re not seeing a lot of homes sitting vacant due to pending foreclosures, which is good for families, neighborhoods, and the market,” said Rob Barber, CEO of ATTOM. “However, foreclosure filings have shown a recent uptick—with April seeing a 14 percent increase compared to the same month last year.”

“So far, buyers seem to be scooping up these repossessed homes relatively quickly, so they aren’t sitting empty.” Barber added. “Nobody wants to see a return to the days of the 2008 housing crisis when vacant, blighted homes were common in many parts of the country.”

Small statewide shifts in numbers of zombie homes

The number of zombie properties increased quarter-over-quarter in 30 states and the District of Columbia, but mostly by small amounts. The changes were also relatively small in the 19 states that saw their number of zombie properties fall.

Year-over-year, the biggest percent increases in states that had at least 50 zombie homes were in North Carolina (52.5 percent more zombie properties, from 59 in the second quarter of 2024 to 90 in the second quarter of 2025), Iowa (up 52.1 percent, from 71 to 108), Texas (up 51.9 percent from 162 to 246), South Carolina (up 43.8 percent from 64 to 92), and Kansas (up 29 percent, from 69 to 89)

The biggest yearly decreases among states with at least 50 zombie homes in the second quarter of 2024 were Massachusetts (down 48.7 percent, from 76 to 39), Maryland (down 22.1 percent, from 86 to 67), New Jersey (down 17.6 percent, from 239  to 197), California (down 8.9 percent, from 269 to 245), and Illinois (down 8.8 percent, from 724 to 660).

Highest vacancy rates in the South, lowest in the Northeast

The vacancy rate for residential properties in the U.S. has remained steady around 1.3 percent for thirteen consecutive quarters.

The states with the highest home vacancy rates in the second quarter of 2025 were Oklahoma (2.4 percent), Kansas (2.3 percent), Alabama (2.2 percent), Missouri (2.2 percent), and West Virginia (2.1 percent).

The states with the lowest home vacancy rates in the most recent quarter were New Hampshire (0.3 percent), Vermont (0.4 percent), New Jersey (0.5 percent), Idaho (0.5 percent), and Connecticut (0.5 percent).

Most large metro areas have zombie home rates below national rate

About 55 percent (76) of the 138 metropolitan statistical areas in our analysis that had at least 100,000 residential properties and at least 100 properties in pre-foreclosure during the second quarter of 2025 had zombie foreclosure rates below the national rate of 3.3 percent.

The metro areas with the highest proportion of pre-foreclosure homes that were vacant were Wichita, KS (12.1 percent); Peoria, IL (11.8 percent); Toledo, OH (10.2 percent); Cedar Rapids, IA (10.2 percent); and Cleveland, OH (10 percent).

The metro areas with the lowest proportion of zombie foreclosures were Barnstable, MA (0 percent); Atlantic City, NJ (0.2 percent); Provo, UT (0.3 percent); Trenton, NJ (0.5 percent); and Stockton, CA (0.6 percent).

Investor and bank owned homes see higher vacancy rates

There were 24.8 million investor-owned properties in our analysis of second quarter 2025 home data, with a nationwide vacancy rate of 3.5 percent.

The states with the highest investor-owned vacancy rates were Indiana (7.3 percent), Illinois (6.2 percent), Alabama (6 percent), Oklahoma (6 percent), and Ohio (5.8 percent)

The states with the lowest investor-owned vacancy rates were New Hampshire (0.9 percent), Vermont (1 percent), Idaho (1.2 percent), Utah (1.5 percent), and North Dakota (1.6 percent).

A third of zip codes have high zombie home rates

About 36 percent (781) of the 2,166 zip codes in ATTOM’s analysis that had at least 25 properties in pre-foreclosure during the second quarter of 2025 had zombie foreclosure rates above the national rate of 3.3 percent. While in 42 percent (903) of those zip codes, there were no zombie foreclosures.

The zip codes with the highest zombie foreclosure rates were 61605 in Peoria, IL (51.9 percent); 44108 in Cleveland, OH (42.2 percent); 61603 in Peoria, IL (34.6 percent), 32118 in Deltona, FL (34.2 percent), and 33708 in Tampa, FL (33.3 percent).

 

For full report, please click the source link above.

 

Fannie and Freddie: Single Family Serious Delinquency Rates Decreased in April

Industry Update
June 2, 2025

Source: CalculatedRisk Newsletter

Freddie Mac reported that the Single-Family serious delinquency rate in April was 0.57%, down from 0.59% March. Freddie’s rate is up year-over-year from 0.51% in April 2024, however, this is close to the pre-pandemic level of 0.60%.

Freddie’s serious delinquency rate peaked in February 2010 at 4.20% following the housing bubble and peaked at 3.17% in August 2020 during the pandemic.

Fannie Mae reported that the Single-Family serious delinquency rate in April was 0.55%, down from 0.56% in March. The serious delinquency rate is up year-over-year from 0.49% in April 2024, however, this is below the pre-pandemic lows of 0.65%.

The Fannie Mae serious delinquency rate peaked in February 2010 at 5.59% following the housing bubble and peaked at 3.32% in August 2020 during the pandemic.

These are mortgage loans that are “three monthly payments or more past due or in foreclosure”. Mortgages in forbearance are being counted as delinquent in this monthly report but are not reported to the credit bureaus.

For Fannie, by vintage, for loans made in 2004 or earlier (1% of portfolio), 1.39% are seriously delinquent (down from 1.41% the previous month).

For loans made in 2005 through 2008 (1% of portfolio), 1.98% are seriously delinquent (down from 2.01%).

For recent loans, originated in 2009 through 2023 (98% of portfolio), 0.50% are seriously delinquent (unchanged from 0.50%). So, Fannie is still working through a handful of poor performing loans from the bubble years.

 

 

For full report, please click the source link above.

 

Blighted Property Database Would Let Pa. Municipalities Track Owners – and Fine Them

One Community Update
May 28, 2025

Source: www.wvia.org

A local legislator wants the state to help keep tabs on the owners of blighted properties — and to levy fines against them.

Monroeville Democratic state Rep. Brandon Markosek, who chairs the House committee on Housing and Community Development, has put forth a bill that would create a blight database managed by the state. Municipalities wouldn’t be required to participate, but could opt in.

“Blight affects all communities in Pennsylvania from former coal mining and steel towns to rural communities to our Main Streets in cities and boroughs,” Markosek wrote in a memo to colleagues.

Markosek says the database is a tool to hold negligent owners responsible when their properties become dangerous to neighbors. And being listed there could have consequences.

“There would be some teeth in the bill to help hold people accountable,” he told WESA. “Serious violations that go unresolved for over a year may also be subject to a $1,000 penalty, with proceeds used to help maintain the database.”

The penalty would be levied by the municipality itself, rather than the state Department of Community and Economic Development, which the bill says would operate the program.

Proceeds from the fine would go to support the cost of the database itself. But Markosek said the legislation could lead to more economic investment and tax revenue, especially if a neighborhood eyesore had become “a major deterrent for businesses wanting to open up shop.”

The idea has bipartisan support. Twenty-three House Republicans voted with Democrats to advance the bill to the Senate earlier this month. Among the Republican supporters was House GOP leader Jesse Topper and a number of lawmakers from southwestern Pennsylvania: Valerie Gaydos of Moon Township, Jason Ortitay of Canonsburg and Abby Major of Ford City. The legislation now awaits discussion in the Senate Urban Affairs & Housing committee, along with a bill from Swissvale Democrat Abigail Salisbury that would allow municipalities to more easily let land banks acquire abandoned properties.

Notably, Republican Andrew Kuzma of Elizabeth Township co-sponsored the bill with Markosek, but voted against the measure on the House floor. Kuzma did not respond to requests for comment.

Penalizing absentee owners — not elderly or disabled homeowners who have fallen behind on repairs — is a step that is “on the right track,” said Matt Williams, who runs the nonprofit Fight the Blight. The organization, based in Westmoreland County, offers basic property maintenance to people who have difficulties doing so.

Though he’s in favor of the legislation, Williams said he prefers “a proactive approach to blight, [which] is ultimately the more economical approach as opposed to allowing properties to go into decay… and then have to be demolished.”

Williams said a database could further that goal, by helping groups like his identify properties where they might be able to help owners whose properties are distressed, but who don’t fit the profile of investor or speculator. (“We really try to make this as much of a people-program and sort of a peer-based support program as a maintenance program or a blight remediation program,” Williams said. “Offering that help up front a little bit to people can just make a huge difference.”)

But negligent owners who are speculators, Williams said, might see a $1,000 fine after a year as a slap on the wrist.

“If it’s a business that is reasonably well-funded, the thousand dollars after a year — I mean, they might have spent more than that on the maintenance,” he said.

Already tracking blight

The city of Monessen in Westmoreland County already has a similar blight-tracking system. But Mayor Ron Mozer said identifying and tracking blighted properties is only the first step.

Mozer said that half the blight in Westmoreland County was in his 6,700-person town, and so county commissioners set aside $7.5 million to develop a project with the county’s redevelopment authority and land bank.

The agency engaged a private engineering firm and consultant to work with the county’s planning and development department.

“He developed a program that could be used on computers, laptops, and phones that could record the blight,” Mozer added. “You can record where it had a broken foundation, broken windows, broken gutters … and if it met certain criteria, it got added to a list of blighted properties.” (You can see the half a dozen maps tracking the changes between 2019 and 2021.)

This is all after Monessen had already received support from the DCED to create a “Comprehensive Blight Plan,” with the help of the Pennsylvania Housing Alliance, an affordable housing coalition.

Mozer said dealing with blight can be a lengthy process that involves a number of efforts to try to compel improvements on blighted property before the city can try to tear it down. But he said he supported Markosek’s effort to take a blight database statewide.

In Monessen, he said, the database has proven to be “a tool for communities and people … to see who owns these properties.”

 

For full report, please click the source link above.

Leaders in Kansas City’s Ivanhoe Neighborhood Refuse to Let Federal Budget Cuts Stop Progress

One Community Update
May 28, 2025

Source: www.kcur.org

If you drive through Kansas City’s Ivanhoe neighborhood today, you’ll see signs of a place that’s fighting to change.

On one block, you may see overgrown vacant lots and dilapidated or abandoned buildings. On the next, you’ll see a vibrant community garden, a sprawling urban farm and newly renovated houses.

For long-time residents like Alan Young, the area has come a long way from what it once was.

“The police would speed 90 miles an hour down 39th Street. We (had) several drug houses on our block,” says Young. “Two thirds of the vacant properties that Kansas City’s Land Bank owned were in this neighborhood. It was concentrated blight, concentrated poverty and hopelessness.”

His daughter, 36-year-old Alana Henry, also remembers the darker days of the neighborhood.

“I remember the neighborhood being unsafe,” says Henry. “I remember seeing drug deals and hitting the ground in my living room when gunshots would be happening outside on the street.”

But after decades of grass-roots organizing from the residents who called Ivanhoe home, the blight and hopelessness that once gripped this east side neighborhood is being pushed back.

Much of this transformation has been credited to the work and leadership of people like Alan Young and his wife, current Missouri State Representative Yolanda Young, who helped restart the once defunct Ivanhoe Neighborhood Council after moving to the area in the late ‘80s.

In the years since then, the INC has become a pillar of the Ivanhoe community. But recent internal conflicts and funding concerns have shaken residents’ faith in the future of the organization and the neighborhood it serves.

To Henry, INC’s current executive director, the only way out of these uncertain times is by reminding people that Ivanhoe is where it is today because of its residents and their willingness to come together.

“They are a community of people who want things to be better than what they are,” says Henry. “They are hard working, and care about what their neighborhood looks like.”

‘Why isn’t somebody doing something?’

When the Youngs first moved to Ivanhoe from Raytown in 1987, they had planned on sticking around for just a year or two in order to flip a house they had bought.

They were quickly shocked at the state of the neighborhood, but even more so at how many of those who lived around them seemed to accept its condition as a fact of life.

“It was the frustration of, ‘Why isn’t somebody doing something?’” says Alan Young. “One day the light bulb came on and we looked at each other and said, ‘Well, maybe it’s because God wants us to do something.’”

The Youngs began taking small steps to organize weekly prayer groups and neighborhood meetings at their house, where they encouraged attendees to share what issues they were experiencing and find ways they could help one another.

The small successes achieved through these meetings convinced the Youngs to stay in Ivanhoe, where they would spend the next three decades of their lives working alongside their neighbors to revive the INC and address the ills that plagued the neighborhood.

Young remembers one of the hardest things about these early years was battling a fatalistic sense of hopelessness.

“Early on there was a perspective of, ‘It’s been like this forever. What makes you think anything’s going to change?’” says Young. “You cannot change anything if you don’t believe it can be done. You have to believe you can accomplish it.”

‘It will always be a process’

While the work to create buy-in within the community was sometimes slow, Young says he and his small cohort of neighbors were able to succeed in reaching beyond just their block.

In the first 10 years the Youngs lived in Ivanhoe, they helped recruit 205 residents to help them keep track of issues in the neighborhood, organized 30 block clubs, and partnered with KCPD and city officials to clean up illegal dumping sites and close drug houses that dotted the area.

“We told them, ‘We don’t want that in our neighborhood anymore,’” says Young. “That was the beginning of a long journey to build a relationship with the police department. Over the span of about 20 years, the police said we helped close 700 drug houses.”

As the scale of their work grew, the Youngs and other neighborhood leaders officially reformed the INC into a 501(c)(3) non-profit in 1997.

In 2000, Young worked with the University of Kansas and the Ivanhoe community to come up with a 100 point improvement plan the INC would use as a road map for the organization.

The list of goals written in the plan, which included things like helping residents start community gardens and creating a neighborhood center, has grown over time. Young says he and the other leaders see its growth as part of their work.

“That list was meant to be a living list,” says Young. “As something was accomplished, we would meet again, and other needs would supplant the one we met. We will never be at the arrived state. It will always be a process of making the neighborhood a better place to live.”

‘Make due with what you’ve got’

In the years since then, the INC has only grown the services it offers, which now include rental property management, lawn care services, transportation services for seniors and weekly youth engagement activities, just to name a few.

Despite this growth, recent internal conflicts and funding concerns have shaken residents’ faith in the future of Ivanhoe.

In 2024, after two years of on-going conflict between residents and the organization’s board of directors culminated in the board firing all INC staff, residents overwhelmingly voted to remove the entire board.

Alana Henry, the Young’s daughter, took over as the INC’s Executive Director shortly after. She quickly began working with her parents and other previous board members and staff to regain the trust of those burned by the recently ousted leadership.

“A lot of folks said, ‘Well I don’t know her yet, but I know them and I trust them,’” explains Henry. “‘I know that if these are her advisors then I know it’s a good thing and I can put my money behind it, my involvement behind it and my trust behind it.’”

In addition to rebuilding lost trust, Henry also has been attempting to lead the INC through the loss of federal grant money due to cuts made by the Trump administration. Henry says the cuts are already leading to changes within the organization.

“We are scaling back in some areas,” says Henry. “For our summer program, for example, we’re going to do three days a week instead of five, with a shortened day. We’re unable to hire staff that were planned for our farmers’ market and our Lot and Lawn maintenance service.”

While Henry says that the INC is taking several steps to make up the lost funds, such as reaching out to new donors and exploring in-kind donations options, she worries these cuts are contributing to a return of the hopelessness that once afflicted the community.

“I think there’s a level of hopelessness that I feel like I see from the millennial generation and younger in terms of the state of affairs, not just for Ivanhoe, but for the world,” says Henry.

Henry, who lost her brother to gun violence in 2022, knows all too well how things in and outside of Ivanhoe can make people feel like nothing is changing for the better.

But both generations of the Young family feel you have to believe that change is possible before it can happen, and while they admit they’re facing big challenges, both still see a promising future for Ivanhoe.

Now Henry is working with members of INC’s past leadership — like her father — who now serves under her as a part-time staff member. They’re trying to better connect the generations of Ivanhoe residents in order to build confidence in their collective ability to make change.

“I hope that in this work we’re able to create relationships between the old guard and new to bring back some of that optimism,” says Henry. “That belief in empowerment and ability to change a trajectory.”

As Henry puts it, “in non-profit work you make due with what you’ve got,” and in times like these they’ll lean on the only asset they’ve consistently had since her parents moved to Ivanhoe: The people that live there.

“In this work,” says Henry, “I have come across many, many and many more folks who care about things getting better. And there are some members of the community that are willing to give a helping hand to making that possible. ”

 

For full report, please click the source link above.

FEMA Rescinds Strategic Plan

Industry Update
May 21, 2025

Source: CBS News

Less than two weeks until the official start of the Atlantic hurricane season, Federal Emergency Management Agency acting Administrator David Richardson has rescinded the agency’s strategic plan, a comprehensive policy document that outlines the disaster relief agency’s priorities.

In a short memo sent to FEMA employees on Wednesday and obtained by CBS News, Richardson wrote, “The 2022-2026 FEMA Strategic Plan is hereby rescinded. The Strategic Plan contains goals and objectives that bear no connection to FEMA accomplishing its mission. This summer, a new 2026-2030 strategy will be developed. The strategy will tie directly to FEMA executing its Mission Essential Tasks.”

The memo authored by Richardson was brief — the new agency head now requires that all FEMA memos to, from or for his office be no longer than one page in length, according to multiple current FEMA employees.

FEMA did not immediately respond to a CBS News request for comment.

Wired was the first to report that the plan had been rescinded.

Less than two weeks until the official start of the Atlantic hurricane season, Federal Emergency Management Agency acting Administrator David Richardson has rescinded the agency’s strategic plan, a comprehensive policy document that outlines the disaster relief agency’s priorities.

In a short memo sent to FEMA employees on Wednesday and obtained by CBS News, Richardson wrote, “The 2022-2026 FEMA Strategic Plan is hereby rescinded. The Strategic Plan contains goals and objectives that bear no connection to FEMA accomplishing its mission. This summer, a new 2026-2030 strategy will be developed. The strategy will tie directly to FEMA executing its Mission Essential Tasks.”

The memo authored by Richardson was brief — the new agency head now requires that all FEMA memos to, from or for his office be no longer than one page in length, according to multiple current FEMA employees.

FEMA did not immediately respond to a CBS News request for comment.

Wired was the first to report that the plan had been rescinded.

One FEMA official described the strategic plan to CBS News as the agency’s “organizational backbone.”

“Without it, there are just a bunch of offices doing whatever they feel like doing,” the official said.

The strategic plan, which was published in December 2021 under former administrator Deanne Criswell, was set to expire in 2026. The plan no longer appears on FEMA’s website.

Criswell, in a news release at the time the plan was published, laid out three main goals for the agency: “Instill Equity as a Foundation of Emergency Management,” “Lead Whole of Community in Climate Resilience” and “Promote and Sustain a Ready FEMA and Prepared Nation.”

The official told CBS News Richardson is now trying to figure out how to operate FEMA so that it does nothing more or less than what the law requires. Part of that includes nixing the agency’s Office of Resilience Strategy.

“That office exists to figure out how to maximize efficacy of publicly spent money on projects that build a resilient infrastructure that can withstand disaster events,” the official said. “Without that guiding star, FEMA will operate as triage instead of actually trying to mitigate future damage before it happens.”

The official compared the removal of the ORS to people relying solely on emergency rooms for health care rather than also getting preventative care.

“A primary care physician would’ve been able to tell you that you have a disease that makes your blood not clot properly. Pulling the Office of Resilience Strategy out of the equation means that you’ll bleed out and die from a paper cut because nobody was around to tell you that your life was at risk in the first place,” the said.

The move to rescind the strategic plan comes a little over a week after an internal agency presentation featured a slide that noted, “As FEMA transforms to a smaller footprint, the intent for this hurricane season is not well understood, thus FEMA is not ready.”

A Department of Homeland Security official told CBS News in response that FEMA is “fully activated in preparation for Hurricane Season,” and described the assessment as “one line in a nineteen-page slide deck and the unsubstantiated opinion of one official inside the agency.”

The presentation also cited “culture issues,” staffing shortages and problems coordinating with other federal agencies among the issues it was contending with.

President Trump, who has been critical of how the agency responded to past disasters, has suggested transforming it into a “support agency” that largely defers to the states or scrapping FEMA entirely.

Richardson has been FEMA’s acting administrator for less than two weeks, replacing the agency’s former acting head, Cameron Hamilton, who was fired by the Trump administration after he told lawmakers he doesn’t believe eliminating FEMA is in the country’s “best interests.”

 

For full report, please click the source link above.

 

Climate Change Could Drive Flood of Foreclosures, Study Finds

Industry Update
May 23, 2025

Source: Yahoo! News/CBS News

Extreme weather linked to climate change could spell financial ruin for many American homeowners and lead to billions in losses for lenders, a new study finds.

First Street, a research firm that studies the impact of climate change, projects in an analysis released Monday that foreclosures across the U.S. caused by flooding, wind and other weather-related incidents could soar 380% over the next 10 years. By 2035, climate-driven events could account for up to 30% of all foreclosures by 2035, up from roughly 7% this year.

Low- to moderate-income households are particularly vulnerable to the effect of severe weather on their homes, First Street noted. Much of Americans’ wealth is tied up in the value of their properties.

A cascade of foreclosures, driven by the mounting costs of repairs and rising insurance premiums stemming from extreme weather,  wouldn’t only hurt homeowners. First Street estimates lenders will lose $1.2 billion a year in 2025 — and up to $5.4 billion in 10 years — as they are forced to absorb the cost of mortgage defaults.

Such losses represent the “hidden risks” of climate change that lenders often fail to account for in their underwriting practices, Jeremy Porter, head of climate implications at First Street, told CBS MoneyWatch. Lenders consider factors including a borrower’s income, debt and credit score in issuing mortgages, but not the potential impact of extreme weather on a property or how it could raise premiums.

Climate-driven foreclosures could cost lenders $5.4 billion in 10 years

First Street also looked at how indirect factors, like rising insurance premiums, are already shaping foreclosure trends. For every 1% increase in insurance costs, the firm projects a roughly 1% increase in the foreclosure rate nationwide.

The findings comes as insurers are jacking up the cost of homeowners policies and in some cases exiting markets around the U.S. altogether, leading to spottier coverage in disaster-prone areas like California. That could leave more individual homeowners on the hook for damage from extreme weather.

First Street said integrating climate risk into loan assessments could help lenders – and homeowners – be better prepared for weather-related disasters. But it could also tighten lending conditions, Porter said, putting potential homebuyers at a disadvantage.

“It’s going to increase the price of homes. It’s going to increase interest rates,” he said.

According to First Street, the communities around the U.S. at greatest risk for climate-related foreclosures in the years to come are densely populated areas with high property values and large numbers of underinsured homeowners. That includes coastal areas vulnerable to storm surge and hurricane winds.

 

For full report, please click the source link above.

 

ICE First Look at Mortgage Performance: Foreclosure Activity Edges Higher Following Recent Record Lows

Industry Update
May 23, 2025

Source: ICE Mortgage Technology

Intercontinental Exchange, Inc. (NYSE:ICE), a leading global provider of technology and data, today released its April 2025 First Look, which shows U.S. Department of Veterans Affairs (VA) mortgages progressing through the foreclosure pipeline following the recent moratorium expiration.

The ICE First Look reports on month-end delinquency, foreclosure and prepayment statistics sourced from its loan-level database, which covers a majority of the U.S. mortgage market. Key takeaways from this month’s findings include:

The national delinquency rate ticked up 1 basis point (bp) to 3.22% in April and is up a modest 13 bps (4.1%) from the same time last year. Still, delinquencies remain below pre-pandemic levels.

Serious delinquencies – loans 90+ days past due but not in foreclosure – improved seasonally but rose 14% from April 2024 marking the sixth consecutive month of 10%+ annual increases.

While foreclosure activity remains muted, foreclosure starts (+13%), sales (+9%), and active inventory (+4%) all rose on an annual basis for the second consecutive month.

April’s 6,500 foreclosure sales marked the largest single-month volume in 15 months, with VA sales, which account for the bulk of the recent rise, hitting their highest level since 2019.

Prepayment activity, measured in single month mortality, jumped to 0.71%, the highest level since October. This rise was driven by stronger home sale and refinance-related prepayments, which grew +19.0% over the previous month and +34.9% over the previous year.

 

For full report, please click the source link above.

 

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

FEMA Alert
May 21, 2025 

***LAST UPDATE: 7/9/25***

FEMA has issued a Major Disaster Declaration for the state of Missouri to supplement state, tribal, and local recovery efforts in areas affected by severe storms, straight-line winds, tornadoes, and flooding from March 30 – April 8, 2025.  The following counties have been approved for assistance:

 

Public Assistance:

  • Bollinger
  • Butler
  • Cape Girardeau
  • Carter
  • Cooper
  • Douglas
  • Dunklin
  • Howell
  • Iron
  • Madison
  • Maries
  • Mississippi
  • New Madrid
  • Oregon
  • Ozark
  • Pemiscot
  • Reynolds
  • Ripley
  • Scott
  • Shannon
  • Ste. Genevieve
  • Stoddard
  • Texas
  • Vernon
  • Wayne
  • Webster

 

Missouri Severe Storms, Straight-line Winds, Tornadoes, and Flooding (DR-4872-MO)

Map of Affected Areas

President Donald J. Trump Approves Major Disaster Declaration for Missouri

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 – Kentucky Severe Storms, Straight-line Winds, and Tornadoes

FEMA Alert
May 23, 2025 

***LAST UPDATE: 7/29/25***

FEMA has issued a Major Disaster Declaration for the state of Kentucky to supplement state, tribal, and local recovery efforts in areas affected by severe storms, straight-line winds, and tornadoes from May 16-17, 2025.  The following counties have been approved for assistance:

 

Individual Assistance:

  • Caldwell
  • Laurel
  • Pulaski
  • Russell
  • Trigg
  • Union

Public Assistance:

  • Adair
  • Allen
  • Barren
  • Breathitt
  • Butler
  • Caldwell
  • Carlisle
  • Casey
  • Christian
  • Clay
  • Clinton
  • Crittenden
  • Cumberland
  • Estill
  • Jackson
  • Knott
  • Knox
  • Larue
  • Laurel
  • Lee
  • Livingston
  • Logan
  • Lyon
  • Marshall
  • McCreary
  • Menifee
  • Metcalfe
  • Owsley
  • Powell
  • Pulaski
  • Rockcastle
  • Russell
  • Spencer
  • Todd
  • Trigg
  • Union
  • Warren
  • Wayne
  • Whitley

 

Kentucky Severe Storms, Straight-line Winds, and Tornadoes (DR-4875-KY)

Map of Affected Areas

President Donald J. Trump Approves Major Disaster Declaration for Kentucky

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 Fire Management Assistance Declaration – Arizona Cody Fire

FEMA Alert
May 22, 2025

FEMA has issued a Fire Management Assistance Declaration for the state of Arizona to supplement state, tribal and local recovery efforts in areas affected by the Cody Fire on May 22, 2025.  The following counties have been approved for assistance:

Public Assistance:

  • Pinal

 

Arizona Cody Fire (FM-5585-AZ)

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

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CEO

Alan Jaffa

Alan Jaffa is the Chief Executive Officer for Safeguard Properties, steering the company as the mortgage field services industry leader. He also serves on the board of advisors for SCG Partners, a middle-market private equity fund focused on diversifying and expanding Safeguard Properties’ business model into complimentary markets.

Alan joined Safeguard in 1995, learning the business from the ground up. He was promoted to Chief Operating Officer in 2002, and was named CEO in May 2010. His hands-on experience has given him unique insights as a leader to innovate, improve and strengthen Safeguard’s processes to assure that the company adheres to the highest standards of quality and customer service.

Under Alan’s leadership, Safeguard has grown significantly with strategies that have included new and expanded services, technology investments that deliver higher quality and greater efficiency to clients, and strategic acquisitions. He takes a team approach to process improvement, involving staff at all levels of the organization to address issues, brainstorm solutions, and identify new and better ways to serve clients.

In 2008, Alan was recognized by Crain’s Cleveland Business in its annual “40-Under-40” profile of young leaders. He also was named a NEO Ernst & Young Entrepreneur Of The Year® Award finalist in 2013.

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Esq., General Counsel and EVP

Linda Erkkila

Linda Erkkila is the General Counsel and Executive Vice President for Safeguard Properties, with oversight of legal, human resources, training, and compliance. Linda’s broad scope of oversight covers regulatory issues that impact Safeguard’s operations, risk mitigation, strategic planning, human resources and training initiatives, compliance, insurance, litigation and claims management, and counsel related to mergers, acquisition and joint ventures.

Linda assures that Safeguard’s strategic initiatives align with its resources, leverage opportunities across the company, and contemplate compliance mandates. She has practiced law for 25 years and her experience, both as outside and in-house counsel, covers a wide range of corporate matters, including regulatory disclosure, corporate governance compliance, risk assessment, compensation and benefits, litigation management, and mergers and acquisitions.

Linda earned her JD at Cleveland-Marshall College of Law. She holds a degree in economics from Miami University and an MBA. Linda was previously named as both a “Woman of Influence” by HousingWire and as a “Leading Lady” by MReport.

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COO

Michael Greenbaum

Michael Greenbaum is the Chief Operating Officer of Safeguard Properties, where he has played a pivotal role since joining the company in July 2010. Initially brought on as Vice President of REO, Mike’s exceptional leadership and strategic vision quickly propelled him to Vice President of Operations in 2013, and ultimately to COO in 2015. Over his 14-year tenure at Safeguard, Mike has been instrumental in driving change and fostering innovation within the Property Preservation sector, consistently delivering excellence and becoming a trusted partner to clients and investors.

A distinguished graduate of the United States Military Academy at West Point, Mike earned a degree in Quantitative Economics. Following his graduation, he served in the U.S. Army’s Ordnance Branch, where he specialized in supply chain management. Before his tenure at Safeguard, Mike honed his expertise by managing global supply chains for 13 years, leveraging his military and civilian experience to lead with precision and efficacy.

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CFO

Joe Iafigliola

Joe Iafigliola is the Chief Financial Officer for Safeguard Properties. Joe is responsible for the Control, Quality Assurance, Business Development, Marketing, Accounting, and Information Security departments. At the core of his responsibilities is the drive to ensure that Safeguard’s focus remains rooted in Customer Service = Resolution. Through his executive leadership role, he actively supports SGPNOW.com, an on-demand service geared towards real estate and property management professionals as well as individual home owners in need of inspection and property preservation services. Joe is also an integral force behind Compliance Connections, a branch of Safeguard Properties that allows code enforcement professionals to report violations at properties that can then be addressed by the Safeguard vendor network. Compliance Connections also researches and shares vacant property ordinance information with Safeguard clients.

Joe has an MBA from The Weatherhead School of Management at Case Western Reserve University, is a Certified Management Accountant (CMA), and holds a bachelor’s degree from The Ohio State University’s Honors Accounting program.

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Business Development

Carrie Tackett

Business Development Safeguard Properties