Safeguard Properties

ICE First Look at Mortgage Performance: October 2025

Posted on by Safeguard

Industry Update
November 25, 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 October 2025 ICE First Look at mortgage delinquency, foreclosure and prepayment trends.

“Softening mortgage rates expanded the pool of refinance candidates in October, pushing prepayments to their highest level in three and a half years,” said Andy Walden, Head of Mortgage and Housing Market Research at ICE. “This trend was largely driven by people who purchased homes at elevated rates in recent years seizing the opportunity to lower their monthly payments.”

“Overall mortgage health remains solid, with continued improvement in delinquency rates across all stages,” continued Walden. “While foreclosure activity has ticked up, levels remain historically low. This uptick is driven by a rise in FHA foreclosures along with the resumption in VA foreclosures following last year’s moratorium.”

Key takeaways from this month’s findings include:

Delinquencies improved: The national delinquency rate fell by 7 basis points (bps) in October to 3.34%. This is down 11 bps from the same time last year and 53 bps below the October 2019 pre-pandemic benchmark.

Broad strength in delinquency rates: Performance improved across the board, with both early-stage (30-day) and late-stage (90+ day) delinquencies declining during the month.

Prepayments reached a multi-year high: The single month mortality (SMM) rate, which tracks prepayments, rose by 27 bps in October to 1.01%. This marks the highest level in 3.5 years and an increase of 16 bps from last year when interest rates were at similar levels.

Foreclosure activity trending upward: Although October foreclosure starts slowed by 9.8% from the prior month, the overall trend continues to rise. Foreclosure inventory is up by 37,000 (+19%) year over year, and foreclosure sales have increased by 1,900 (+32%) from last year’s levels.

Government loans driving foreclosure growth: While foreclosure activity remains muted by historical standards, the number of loans in active foreclosure hit its highest level since early 2023, driven by a notable rise in FHA foreclosures (+50% YoY) along with a resumption of VA activity following last year’s moratorium.

 

For full report, please click the source link above.

 

NPPC 25 Takes Center Stage in D.C.

Posted on by Safeguard

Safeguard in the News
November 18, 2025

Source: MortgagePoint

The 2025 National Property Preservation Conference (NPPC), hosted by Safeguard Properties, commenced this week at the MGM Grand Hotel in Washington, D.C. Now in its 21st year, NPPC has established itself as a preeminent platform dedicated to promoting innovation and excellence in property preservation. The conference convenes industry professionals, government officials, and community stakeholders to present the most recent strategies and techniques for maintaining and rehabilitating residential and commercial properties.

The programming commenced with opening remarks by Alan Jaffa, CEO of Safeguard Properties, followed by a morning keynote presentation on the U.S. economy, delivered by Mark Fleming, Chief Economist at First American Financial Corporation.

“To witness the level of subject-matter experts who convene at NPPC annually, to assist in stabilizing communities through efficient preservation practices and policies, is truly awe-inspiring,” said Jaffa.

A Line-up of Industry Experts

Following Fleming’s remarks, Ed Delgado, Chairman Emeritus at Five Star Global and Managing Director of Mortgage Policy Advisors, took the stage to moderate the popular State of the Industry panel, with representation from U.S. Bank, Safeguard, Rocket Mortgage, and Impact Capitol.

LaQuanda Sain, EVP of Mortgage Servicing at Rocket Mortgage, emphasized the significance of advancing AI solutions in the mortgage servicing sector. Sain highlighted the potential of AI to enhance and improve homeowner interactions, stating, “While AI will not supplant human empathy and understanding, its implementation will undoubtedly streamline workflows and processes.”

Timika Scott, SVP and Operations Group Manager at U.S. Bank, addressed the challenges associated with homeownership affordability and the establishment of supportive programs. Scott underscored the pivotal role of affordable homeownership in fostering stable communities and providing economic opportunities for all.

Tim Rood, Founder and CEO of Impact Capitol, commented on the topic of GSE conservatorship. “GSE reform is not a three-legged race,” Rood said. “Don’t expect them to come out of conservatorship and/or IPO at the same time.”

Delgado shared his perspective on the economy, highlighting forecasters’ assessment of Q4 retail spending. He noted, “When consumer spending, the primary driver of the U.S. economy, begins to decline, it serves as a clear indication that a broader slowdown is imminent. A significant and prolonged decrease in retail sales will not remain confined; it will propagate throughout job markets, prompt cost-cutting measures among businesses, and, potentially, precipitate a downturn in the economy.”

In the afternoon keynote, Joe Iafigliola, Chief Financial Officer at Safeguard Properties, engaged in a powerful discussion with David Sheeler, Senior EVP and President of Residential Servicing at Freedom Mortgage. The two speakers delved into a diverse spectrum of topics, encompassing mortgage volume, affordability, and technological advancements in servicing.

Key topics covered during the conference included sustainable preservation practices, advancements in property inspection technology, and innovative approaches to reducing property neglect. Attendees also explored the importance of collaboration between public and private sectors to combat urban decay and promote neighborhood revitalization.

Additionally, sessions focused on regulatory updates, funding opportunities for preservation projects, and best practices for engaging with property owners. Panel discussions emphasized the role of technology in streamlining preservation efforts, including the use of data analytics and digital documentation.

NPPC25 runs through November 19, with an opening keynote on the final day provided by Min Alexander, Founder of BOSSCAT Home Services and Technologies. Subsequently, a ‘super-session’ titled “Preserving the Future: AI and Tech Trends” will be held. The conference will conclude with the Women Impact Network (WIN) Luncheon, featuring speakers who will discuss the significance of connection and the importance of leadership through mentorship.

The conference underscores the collective responsibility to preserve community assets and ensure safe, healthy living environments. By sharing knowledge and fostering partnerships, the 2025 National Property Preservation Conference aims to drive forward the future of property care and revitalization across the nation.

 

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

FEMA Chief Steps Down

Posted on by Safeguard

Industry Update
November 17, 2025

Source: CNN Politics

The embattled acting chief of the Federal Emergency Management Agency will step down after hurricane season following months of public controversy and internal frustration.

David Richardson submitted a resignation letter on Monday to the Department of Homeland Security, which oversees FEMA, giving two weeks’ notice, the department told CNN. However, plans were already in the works at the agency to oust him from the role, three sources told CNN.

Richardson, a loyalist to Homeland Security Secretary Kristi Noem, was tapped to lead FEMA even though he lacked experience in disaster management. But his time in charge has been punctuated by some eyebrow-raising moments — like in a June meeting in which he told staff he was unaware the US has a hurricane season, a comment DHS later insisted was a joke.

His impending departure raises the stakes for FEMA — the agency responsible for helping Americans recover from the nation’s worst disasters — as Noem and DHS prepare for sweeping reforms that could fundamentally reshape its future.

A FEMA official with knowledge of the decision said Karen Evans, a close Trump administration ally at DHS and FEMA’s newly appointed chief of staff, will replace Richardson. A DHS spokesperson later said in a statement that Evans will start in her new role on December 1.

The spokesperson said the agencies thanked Richardson “for his dedicated service and wish him continued success in his return to the private sector.”

Richardson’s leadership faced its toughest test in July, when catastrophic floods devastated Texas and killed more than 130 people. As the crisis unfolded, Richardson was on vacation and unreachable for hours. He later told lawmakers he spent the entire trip in his truck, glued to his phone, coordinating the response.

Yet Richardson was publicly silent and absent from the flood zone, surfacing more than a week later for an unannounced visit to Texas — days after President Donald Trump and Noem toured the area. He arrived in a straw hat and cowboy boots, notably lacking any FEMA insignia — a striking departure from the typical image of agency leaders on the front lines of a crisis.

His absence was not by chance. DHS leaders had instructed FEMA to keep Richardson’s Texas trip under wraps until he left the state, deliberately shielding him from the press, three sources with knowledge of the decision said.

Richardson later defended his leadership and told lawmakers the DHS response in Texas was a “model for how to respond to a disaster.”

Traditionally, the FEMA administrator is the president’s right hand for natural disasters and national emergencies. But in Trump’s second term, Richardson has been largely pushed to the sidelines, with his authority steadily diminished by Noem.

In a statement Monday, Richardson defended his short tenure at FEMA, arguing that he “didn’t hesitate” to take on the leadership post just weeks before hurricane season began.

“I agreed to be the acting administrator through hurricane season when others wouldn’t. Hurricane season ends on 1 December. Since the danger has largely passed, I can now leave for other opportunities,” he said. “Many were asked. One raised his hand and said, ‘I’ll do it.’”

Criticism of Richardson’s leadership at FEMA

A former Marine combat veteran, martial arts instructor and painter, Richardson previously led the Countering Weapons of Mass Destruction office at DHS but had no experience managing natural disasters when he was tapped for the FEMA role in May. His predecessor, Cameron Hamilton, also a Trump administration appointee, was fired for clashing with senior homeland security officials and opposing the administration’s push to eliminate FEMA.

“He never should have been there to begin with,” Hamilton, who worked with Richardson during his time in the administration, told CNN this week. “The two words I’d use to describe him are unprofessional and overwhelmed.”

Richardson’s appointment marked a turning point as DHS tightened its grip on FEMA, installing loyalists in key positions and pushing out veteran disaster experts. Unlike Hamilton, Richardson was seen as someone who would follow orders. He’s a personal friend of longtime Trump ally Corey Lewandowski, who is helping Noem run DHS as her chief adviser.

On his first day, Richardson told FEMA staff he alone spoke for the agency and warned he would “run right over” anyone who didn’t fall in line.

Some officials describe his leadership as brash and unpredictable, with a penchant for shouting and swearing. On one occasion, he asked staff whether disaster funds could be steered to Republican areas but not Democratic ones, a FEMA official who heard the comments firsthand said.

At times, Richardson prohibited staff from bringing cell phones and computers into meetings. He often kept his own phone out of sight and rarely used email, leaving senior FEMA leaders struggling to reach him and making even basic communication a constant challenge.

Over the months, Noem and her team had grown frustrated with Richardson’s distracting antics and failure to effectively communicate their FEMA reforms to Congress and the public, three sources with knowledge of the conversations told CNN. But senior leaders ultimately decided it made more sense to wait until after hurricane season to remove him.

The department has steadily reduced his role, treating him more as a liability than an asset. DHS has repeatedly blocked his requests to speak at conventions or to lead public information campaigns about hurricane season, two sources said.

“Have you heard him speak?” an administration official told CNN. “He does more damage than good.”

In recent months, the department has reassigned some of Richardson’s closest allies and surrounded him with senior staff who have further limited his authority.

FEMA’s future at a crossroads

The timing of Richardson’s removal is significant. Once hurricane season ends at the end of the month, the administration is set to fast-track its sweeping transformation of FEMA.

The new FEMA Review Council, which is headed by Noem, will soon deliver its much-anticipated report, outlining recommendations to reshape the agency. As the dust settles, FEMA’s future — and its ability to respond when disaster strikes — hangs in the balance.

Meanwhile, dozens of lawmakers have signed on to a bipartisan bill known as the “FEMA Act” that would remove the agency from DHS and make it independent — a change Noem vehemently opposes, multiple sources told CNN.

Trump and Noem have been overhauling FEMA since taking office as they vow to shift more responsibility for disaster preparedness, response and recovery onto states. While they once called for the agency’s outright elimination, their tone has shifted in recent months, signaling a dramatic restructuring may be in store. Either way, current and former high-ranking FEMA officials have warned that growing turmoil at the agency is putting Americans at risk.

More than a quarter of the agency’s full-time staff have left through layoffs and buyouts — including dozens of longtime senior leaders — and morale has plummeted amid frequent public attacks from administration officials, including Noem and Trump.

But the administration has benefited from the mildest hurricane season in a decade, with no hurricanes making landfall anywhere in the US for the first time since 2015.

“FEMA likely would have failed had there been a major disaster,” a former high-ranking FEMA official told CNN. “Having no big disasters has absolutely played into the Trump narrative that there is no need for FEMA. And it hasn’t allowed the American people to see just how bad they need the agency, since the states just aren’t prepared.”

 

For full report, please click the source link above.

 

President Trump Picks New CFPB Director

Posted on by Safeguard

Industry Update
November 19, 2025

Source: POLITICO

President Donald Trump has nominated a top aide to White House budget director Russ Vought to be the permanent head of the Consumer Financial Protection Bureau, a move designed to empower Vought to continue leading the agency as he moves to shut it down in the coming months.

Trump formally nominated Stuart Levenbach, a senior Office of Management and Budget official overseeing natural resources and energy issues, to serve as the permanent CFPB director on Tuesday, according to congressional records.

A CFPB spokesperson said the nomination was a “technical” maneuver intended to extend Vought’s ability to continue serving as the acting director of the agency without needing Senate confirmation.

His ability to serve as the acting CFPB head was set to expire in December under the Vacancies Act, which typically limits such acting appointments to 210 days but extends that period if the president nominates another person for the job.

Vought, who has served as the acting CFPB director since February, has moved to freeze large swaths of the agency’s operations and terminate roughly 90 percent of its staff. In court filings last week, the Trump administration said the CFPB was on track to run out of money to operate at the beginning of next year and argued that it was legally prohibited from seeking an infusion of funding from the Federal Reserve, which is the bureau’s primary source of funding.

It’s not clear if the Senate Banking Committee will move to process Levenbach’s nomination or hold a hearing. A spokesperson for Chair Tim Scott (R-S.C.) did not immediately return a request for comment.

Sen. Elizabeth Warren (D-Mass.), the top Democrat on the panel, blasted the nomination and effort to extend Vought’s tenure “indefinitely as he tries to illegally close down the agency” that she helped create 17 years ago in the wake of the global financial crisis. “Instead of doing everything in their power to lower costs for Americans, Trump and Vought want to make it easier for giant corporations to scam families out of their money,” Warren said in a statement.

Levenbach previously served during Trump’s first term as a White House economic adviser and chief of staff at the National Oceanic and Atmospheric Administration.

In July, Levenbach was among the handful of White House officials Trump installed at the National Capital Planning Commission amid the administration’s efforts to pressure Federal Reserve Chair Jerome Powell over the central bank’s $2.5 billion renovation project. The powerful D.C. planning committee now also has oversight over Trump’s construction of a White House ballroom, among other projects.

Trump earlier this year nominated Jonathan McKernan to serve as CFPB director but ultimately withdrew that nomination. McKernan was instead confirmed by the Senate as a top Treasury Department official overseeing domestic finance.

 

For full report, please click the source link above.

 

Senate Committee Advances Trump Nominees to Lead FHA, Ginnie Mae

Posted on by Safeguard

Industry Update
November 19, 2025

Source: Scotsman Guide

The Senate Committee on Banking, Housing, and Urban Affairs voted to advance four nominees of President Donald Trump to fill senior positions across the U.S. Department of Housing and Urban Development (HUD), U.S. Department of the Treasury and Federal Deposit Insurance Corp. (FDIC).

Frank Cassidy, who has served as principal deputy assistant secretary at HUD since April, passed in a nearly party-line vote, 14 to 10, for his nomination to become FHA commissioner and assistant secretary of housing. Sen. Mark Warner, D-Va., was the sole Democratic member to join Republicans in advancing his nomination.

Cassidy, who has been overseeing the Office of Housing and the $1.75 trillion mortgage insurance portfolio of the Federal Housing Administration (FHA), will now advance to a full Senate vote.

Joseph Gormley, Trump’s nominee to be the next president of government-owned mortgage aggregator Ginnie Mae, passed along party lines in a vote of 13 to 11, with nine of the 11 Democratic members casting their opposition votes in absentia.

Mortgages insured by the Department of Veteran Affairs or FHA comprise most of the loans securitized by Ginnie Mae, but its issuance also supports housing finance provided through HUD’s Office of Public and Indian Housing and the U.S. Department of Agriculture’s Rural Housing Service.

David M. Dworkin, president and CEO of the National Housing Conference, applauded the outcome of Wednesday’s votes, saying in a statement that Cassidy and Gormley bring “exceptional expertise, judgment and commitment to the critical work of strengthening our nation’s housing and financial systems.”

The Mortgage Bankers Association said in a statement that it “strongly supports the nominations of Frank Cassidy and Joe Gormley and urges the full Senate to move quickly to confirm them.”

Sen. Tim Scott, R.-S.C., chair of the banking committee, said in opening remarks that the leadership of Cassidy and Gormley “will help ensure that housing finance remains accessible and sustainable and will expand opportunities for families who aspire to own their own home.”

Paul Hollis advanced along party lines as Trump’s nominee to be director of the U.S. Mint, while current acting chairman of the FDIC, Travis Hill, advanced along party lines for a full vote on his nomination to the permanent role.

The four faced the banking committee Oct. 30 when members questioned the nominees on their visions for their respective agencies.

Cassidy in particular faced contention questioning from Sen. Tina Smith, D-Minn., who asked how the Trump administration’s reduction-in-force (RIF) layoffs at HUD during the government shutdown supported a shared goal of expanding access of homeownership.

Fair housing offices, staff and programs have been gutted across federal agencies during Trump’s second term, from HUD to the Consumer Financial Protection Bureau to the Federal Housing Finance Agency that regulates government-sponsored enterprises Fannie Mae and Freddie Mac.

Cassidy said he couldn’t discuss the RIFs since they are under litigation.

Ahead of Wednesday’s Senate committee vote, ranking member Elizabeth Warren, D.-Mass., released what she described as “troubling responses” to written questions the committee had asked each nominee to address.

Of Gormley’s responses she drew attention to his reluctance to speculate on impacts from potential reprivatization of Fannie and Freddie and how he “pointedly refused to answer whether he had signed a loyalty pledge to President Trump.”

Warren drew attention to Cassidy’s “support for the Trump administration’s plans to eliminate the federal housing rental assistance budget,” which would likely force states to step into that role, as well as Cassidy’s elimination of language access requirements.

She also noted that Cassidy refused to answer whether he had signed a loyalty pledge to Trump.

 

For full report, please click the source link above.

 

U.S. Foreclosure Rates by State – October 2025

Posted on by Safeguard

Industry Update
November 14, 2025

Source: ATTOM

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

In October 2025, foreclosure activity across the U.S. ticked up from the previous month and remained elevated compared to a year ago.

Total filings: 36,766 properties with default notices, scheduled auctions, or bank repossessions

Monthly change: Up 3% from September 2025

Year-over-year change: Up 19% from October 2024

National rate: One in every 3,871 housing units had a foreclosure filing

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

Foreclosure Starts and Completions

Starts: 25,129 U.S. properties began the foreclosure process in October 2025 — up 6% from September and up 20% year-over-year.

Completions (REOs): Lenders repossessed 3,872 U.S. properties, up 2% month-over-month and up 32% from October 2024.

Summary:

With both starts and completions rising compared to a year ago, and overall filings up from the prior month, October’s foreclosure numbers point to continued upward pressure in select markets, even as activity overall remains below historic peaks.

What’s Driving October 2025 Foreclosure Trends?

Florida led the nation with the worst foreclosure rate in October 2025, followed by South Carolina and Illinois, with Delaware and Nevada rounding out the top five. This mix of states across the Southeast, Midwest, and West suggests that rising foreclosure activity is not confined to a single region but instead reflects broader affordability challenges, higher borrowing costs, and ongoing financial strain for some homeowners nationwide.

Foreclosure Rates by State – October 2025

Below is the complete state-by-state foreclosure ranking for October 2025 and the top 3 counties with the worst foreclosure rates per state.

  1. Florida – 1 in every 1,829 housing units (5,512 filings / 10,082,356 units)

Counties: Osceola, Charlotte, Okeechobee

  1. South Carolina – 1 in every 1,982 housing units (1,212 filings / 2,401,638 units)

Counties: Dorchester, Lee, Spartanburg

  1. Illinois – 1 in every 2,570 housing units (2,118 filings / 5,443,501 units)

Counties: Clinton, Lee, Coles

  1. Delaware – 1 in every 2,710 housing units (169 filings / 457,958 units)

Counties: Kent, New Castle, Sussex

  1. Nevada – 1 in every 2,747 housing units (476 filings / 1,307,338 units)

Counties: Lyon, Churchill, Mineral

  1. Ohio – 1 in every 3,079 housing units (1,712 filings / 5,271,573 units)

Counties: Fayette, Knox, Seneca

  1. Iowa – 1 in every 3,222 housing units (443 filings / 1,427,175 units)

Counties: Wapello, Tama, Cherokee

  1. Maryland – 1 in every 3,272 housing units (778 filings / 2,545,532 units)

Counties: Baltimore City, Calvert, Somerset

  1. Utah – 1 in every 3,278 housing units (364 filings / 1,193,082 units)

Counties: Tooele, Millard, Box Elder

  1. California – 1 in every 3,407 housing units (4,265 filings / 14,532,683 units)

Counties: Shasta, Mendocino, Kings

  1. Texas – 1 in every 3,456 housing units (3,441 filings / 11,890,808 units)

Counties: Liberty, San Jacinto, Franklin

  1. New Jersey – 1 in every 3,716 housing units (1,016 filings / 3,775,842 units)

Counties: Sussex, Cumberland, Atlantic

  1. Idaho – 1 in every 3,770 housing units (206 filings / 776,683 units)

Counties: Washington, Gooding, Gem

  1. Oklahoma – 1 in every 3,816 housing units (462 filings / 1,763,036 units)

Counties: Canadian, Jackson, Marshall

  1. Georgia – 1 in every 4,073 housing units (1,101 filings / 4,483,873 units)

Counties: Johnson, Newton, Wilkes

  1. Connecticut – 1 in every 4,085 housing units (376 filings / 1,536,049 units)

Counties: Greater Bridgeport, Northeastern Connecticut, Naugatuck Valley

  1. Maine – 1 in every 4,218 housing units (177 filings / 746,552 units)

Counties: Sagadahoc, Waldo, Penobscot

  1. North Carolina – 1 in every 4,242 housing units (1,135 filings / 4,815,195 units)

Counties: Camden, Pender, Rowan

  1. Arizona – 1 in every 4,352 housing units (722 filings / 3,142,443 units)

Counties: Pinal, Yuma, Cochise

  1. Indiana – 1 in every 4,421 housing units (668 filings / 2,953,344 units)

Counties: Blackford, Noble, Jasper

  1. Colorado – 1 in every 4,529 housing units (562 filings / 2,545,124 units)

Counties: Morgan, Sedgwick, Pueblo

  1. Louisiana – 1 in every 4,602 housing units (455 filings / 2,094,002 units)

Counties: Iberville, Ascension, Beauregard

  1. Arkansas – 1 in every 4,719 housing units (293 filings / 1,382,664 units)

Counties: Cleveland, Poinsett, Van Buren

  1. New York – 1 in every 4,765 housing units (1,792 filings / 8,539,536 units)

Counties: Broome, Orange, Tioga

  1. Michigan – 1 in every 4,776 housing units (963 filings / 4,599,683 units)

Counties: Muskegon, Monroe, Hillsdale

  1. Massachusetts – 1 in every 5,101 housing units (591 filings / 3,014,657 units)

Counties: Hampden, Berkshire, Dukes

  1. Alaska – 1 in every 5,406 housing units (59 filings / 318,927 units)

Counties: Dillingham, Haines, Bethel

  1. Wyoming – 1 in every 5,503 housing units (50 filings / 275,131 units)

Counties: Carbon, Campbell, Sublette

  1. Pennsylvania – 1 in every 5,809 housing units (995 filings / 5,779,663 units)

Counties: Monroe, Philadelphia, Snyder

  1. Virginia – 1 in every 5,895 housing units (620 filings / 3,654,784 units)

Counties: Staunton City, Emporia City, Buena Vista City

  1. Tennessee – 1 in every 5,941 housing units (521 filings / 3,095,472 units)

Counties: Lake, Crockett, Hawkins

  1. Kentucky – 1 in every 6,111 housing units (329 filings / 2,010,655 units)

Counties: Whitley, Bath, Grant

  1. Missouri – 1 in every 6,121 housing units (459 filings / 2,809,501 units)

Counties: Scott, Mississippi, Barton

  1. New Mexico – 1 in every 6,288 housing units (151 filings / 949,524 units)

Counties: Valencia, Torrance, Chaves

  1. Alabama – 1 in every 6,416 housing units (361 filings / 2,316,192 units)

Counties: Jefferson, Geneva, Chilton

  1. Washington – 1 in every 6,578 housing units (496 filings / 3,262,667 units)

Counties: Garfield, Clallam, Franklin

  1. Hawaii – 1 in every 6,725 housing units (84 filings / 564,905 units)

Counties: Hawaii, Honolulu, Kauai

  1. Minnesota – 1 in every 6,903 housing units (365 filings / 2,519,538 units)

Counties: Isanti, Wadena, Wabasha

  1. Nebraska – 1 in every 7,506 housing units (114 filings / 855,631 units)

Counties: Red Willow, Webster, Wayne

  1. Oregon – 1 in every 7,857 housing units (234 filings / 1,838,631 units)

Counties: Lake, Umatilla, Clackamas

  1. Rhode Island – 1 in every 8,355 housing units (58 filings / 484,615 units)

Counties: Washington, Providence, Kent

  1. New Hampshire – 1 in every 8,948 housing units (72 filings / 644,253 units)

Counties: Coos, Hillsborough, Rockingham

  1. Wisconsin – 1 in every 9,049 housing units (304 filings / 2,750,750 units)

Counties: Kewaunee, Langlade, Marquette

  1. Kansas – 1 in every 9,450 housing units (136 filings / 1,285,221 units)

Counties: Anderson, Ottawa, Decatur

  1. North Dakota – 1 in every 9,865 housing units (38 filings / 374,866 units)

Counties: Hettinger, Bowman, McIntosh

  1. West Virginia – 1 in every 13,225 housing units (65 filings / 859,653 units)

Counties: Jefferson, Berkeley, Wetzel

  1. Mississippi – 1 in every 14,331 housing units (93 filings / 1,332,811 units)

Counties: Wayne, Jefferson, Copiah

  1. Vermont – 1 in every 17,741 housing units (19 filings / 337,072 units)

Counties: Rutland, Addison, Windham

  1. Montana – 1 in every 20,918 housing units (25 filings / 522,939 units)

Counties: Blaine, Sweet Grass, Dawson

  1. South Dakota – 1 in every 26,594 housing units (15 filings / 398,903 units)

Counties: Minnehaha, Yankton, Pennington

Conclusion

Foreclosure activity continued its upward trend versus a year ago in October 2025, with both starts and completions posting annual increases. ATTOM provides a state-by-state ranking, beginning with the state with the worst foreclosure rate, along with the top counties driving activity in each state.

 

For full report, please click the source link above.

 

U.S. Foreclosure Activity Posts Eighth Straight Month of Year-Over-Year Increases

Posted on by Safeguard

Industry Update
November 11, 2025

Source: ATTOM

ATTOM, a leading curator of land, property data, and real estate analytics, today released its October 2025 U.S. Foreclosure Market Report, which shows there were a total of 36,766 U.S. properties with foreclosure filings— default notices, scheduled auctions or bank repossessions — up 3 percent from a month ago and up 19 percent from a year ago.

“Foreclosure activity continued its steady upward trend in October, the eighth straight month of year-over-year increases. Starts rose nearly 20 percent, while completed foreclosures were up 32 percent from last year,” said Rob Barber, CEO at ATTOM. “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.”

States with the worst foreclosure rates were Florida, South Carolina, and Illinois 

Nationwide, one in every 3,871 housing units had a foreclosure filing in October 2025. 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).

Among metro areas with populations of 1 million or more, Tampa, FL posted the highest foreclosure rate in October 2025, at one in every 1,373 housing units. The increase reflects a temporary spike caused by the resumption of data collection in Hillsborough County, which added backlogged records and is expected to normalize in November. Following Tampa were Jacksonville, FL (one in every 1,576 housing units); Orlando, FL (one in every 1,703); Riverside, CA (one in every 1,983); and Cleveland, OH (one in every 2,114).

Foreclosure starts highest in Florida, Texas, and California

Lenders started the foreclosure process on 25,129 U.S. properties in October 2025, up 6 percent from last month and up 20 percent from a year ago.

States that had the greatest number of foreclosure starts in October 2025 included: Florida (4,136 foreclosure starts); Texas (3,080 foreclosure starts); California (2,685 foreclosure starts); Illinois (1,252 foreclosure starts); and New York (1,165 foreclosure starts).

Contrary to the national numbers, those major metropolitan statistical areas (MSAs) with a population greater than 1 million that saw the greatest year-over-year declines in foreclosure starts in October 2025 included: Milwaukee, WI (decrease from 33 foreclosure starts in October 2024 to 15 in October 2025); Indianapolis, IN (decrease from 252 to 142 foreclosure starts); Louisville, KY (decrease from 59 to 45 foreclosure starts); Washington, DC (decrease from 308 to 239 foreclosure starts); and Detroit, MI (decrease from 541 to 428 foreclosure starts).

Foreclosure completions increase year over year

Lenders repossessed 3,872 U.S. properties through completed foreclosures (REOs) in October 2025, an increase of 2 percent from last month and an increase of 32 percent from last year.

States that had the greatest number of REOs in October 2025, included: Texas (358 REOs); California (336 REOs); Florida (243 REOs); Pennsylvania (205 REOs); and Illinois (187 REOs).

Those major metropolitan statistical areas (MSAs) with a population greater than 1 million that saw the greatest number of REOs in October 2025 included: Chicago, IL (122 REOs); Atlanta, GA (117 REOs); New York, NY (111 REOs); Houston, TX (74 REOs); and Riverside, CA (72 REOs).

Conclusion

ATTOM’s October 2025 U.S. Foreclosure Market Report shows foreclosure activity rose for the eighth straight month year over year, with 36,766 properties with foreclosure filings. Foreclosure starts were up 20 percent from a year ago and completed foreclosures rose 32 percent, though activity remains below historic highs.

 

For full report, please click the source link above.

 

Mortgage Delinquencies Increase in the Third Quarter of 2025

Posted on by Safeguard

Industry Update
November 14, 2025

Source: Mortgage Bankers Association

The delinquency rate for mortgage loans on one-to-four-unit residential properties increased to a seasonally adjusted rate of 3.99 percent of all loans outstanding at the end of the third quarter of 2025, according to the Mortgage Bankers Association’s (MBA) National Delinquency Survey.

The delinquency rate was up 6 basis points from the second quarter of 2025 and up 7 basis points from one year ago. The percentage of loans on which foreclosure actions were started in the third quarter rose by 3 basis points to 0.20 percent.

“Mortgage delinquencies increased in third quarter of 2025, led by worsening FHA loan performance,” said Marina Walsh, CMB, MBA’s Vice President of Industry Analysis. “Since this time last year, the FHA seriously delinquent rate – which includes 90+ day delinquencies and loans in foreclosure – increased by almost 50 basis points.  In contrast, the conventional and VA seriously delinquent rates remained relatively flat.”

Added Walsh, “The stressors on FHA homeowners include a softer labor market, other personal debt obligations, and increases in taxes, homeowners’ insurance and other fees that exacerbate already stretched affordability.  Additionally, home price declines in some parts of the country may lessen the ability to sell or refinance.”

Walsh also noted that while the third quarter results were not impacted by the ending of COVID-era FHA loss mitigation options and the recent government shutdown, those events may affect future quarters.

Key findings of MBA’s Third Quarter of 2025 National Delinquency Survey:

Compared to last quarter, the seasonally adjusted mortgage delinquency rate increased for all loans outstanding. By stage, the 30-day delinquency rate increased 2 basis points to 2.12 percent, the 60-day delinquency rate increased 4 basis points to 0.76 percent, and the 90-day delinquency bucket remained unchanged at 1.11 percent.

By loan type, the total seasonally adjusted delinquency rate for conventional loans increased 2 basis points to 2.62 percent over the previous quarter. The total FHA seasonally adjusted delinquency rate increased 21 basis points to 10.78 percent, and the total VA seasonally adjusted delinquency rate increased  18 basis points to 4.50 percent.

On a year-over-year basis, total mortgage delinquencies increased for all loans outstanding. The delinquency rate decreased 1 basis point for conventional loans, increased 32 basis points for FHA loans and decreased 8 basis points for VA loans from the previous year.

The delinquency rate includes loans that are at least one payment past due but does not include loans in the process of foreclosure. The percentage of loans in the foreclosure process at the end of the third quarter was 0.50 percent, up 2 basis points from the second quarter of 2025 and 5 basis points higher than one year ago.

The non-seasonally adjusted seriously delinquent rate, the percentage of loans that are 90 days or more past due or in the process of foreclosure, was 1.61 percent. It increased 4 basis points from last quarter and  increased 6 basis points from last year. The seriously delinquent rate decreased 2 basis points for conventional loans, increased 30 basis points for FHA loans, and decreased 1 basis point for VA loans from the previous quarter. Compared to a year ago, the seriously delinquent rate decreased 4 basis points for conventional loans, increased 47 basis points for FHA loans and increased 4 basis points for VA loans.

The five states with the largest quarterly increases in their overall delinquency rate were: Arizona (29 basis points), Louisiana (28 basis points), Indiana (28 basis points), Iowa (26 basis points), and Texas (24 basis points).

For the purposes of the survey, MBA asks servicers to report loans in forbearance as delinquent if the payment was not made based on the original terms of the mortgage.

 

For full report, please click the source link above.

 

Zombie Foreclosure Rates by State – Q4 2025

Posted on by Safeguard

Industry Update
October 31, 2025

Source: ATTOM

What Is the Current Percentage of Zombie Foreclosures in the U.S.?

In the fourth quarter of 2025, the share of zombie foreclosures across the United States edged down slightly quarter over quarter and year over year.

Residential Properties Nationwide in the Process of Foreclosure: 228,943

Percentage of Zombie Foreclosures: 3.25 percent of residential properties in the foreclosure process were considered “zombie” properties — homes that sit vacant while in pre-foreclosure status.

Quarterly change: down slightly from 3.38 percent in Q3 2025

Year-over-year change: down slightly from 3.30 percent in Q4 2024

The states with the highest zombie foreclosure rates in the fourth quarter were: Wyoming, South Dakota, Kansas, the District of Columbia, and Iowa.

What’s Driving Q4 2025 Zombie Foreclosure Trends?

Zombie foreclosure rates continue to remain near historic lows, reflecting strong housing demand and tighter lending standards. Despite persistent affordability challenges, most homeowners maintain substantial equity, potentially reducing the likelihood of abandonment during foreclosure proceedings.  Gradual increases in foreclosure activity have not translated into widespread vacancy.  Overall, the stability in zombie foreclosure rates suggests a housing market that remains resilient even amid economic headwinds.

Zombie Foreclosure Rates by State – Q4 2025

Below is the complete state-by-state ranking for the fourth quarter of 2025, listing each state’s share of zombie foreclosure properties and the top three counties leading in percentage of total vacant properties.

  1. Wyoming– 15.49% of residential properties in the process of foreclosure during the fourth quarter were vacant or zombie foreclosures  (11 zombie foreclosures)
  2. South Dakota– 13.04% zombie foreclosures (3 zombie foreclosures)
    Counties: Minnehaha
  3. Kansas– 12.35% zombie foreclosures (81 zombie foreclosures)
    Counties: Wyandotte, Sedgwick, Shawnee
  4. Iowa– 8.62% zombie foreclosures (107 zombie foreclosures)
    Counties: Black Hawk, Scott, Linn
  5. New Mexico– 7.84% zombie foreclosures (45 zombie foreclosures)
    Counties: Santa Fe, Bernalillo, Dona Ana
  6. Oregon– 7.07% zombie foreclosures (51 zombie foreclosures)
    Counties: Multnomah, Jackson, Lane
  7. Alaska– 6.74% zombie foreclosures (13 zombie foreclosures)
    Counties: Anchorage
  8. Indiana– 6.40% zombie foreclosures (219 zombie foreclosures)
    Counties: Lake, Marion, St Joseph
  9. Ohio– 6.33% zombie foreclosures (606 zombie foreclosures)
    Counties: Mahoning, Lucas, Cuyahoga
  10. Missouri– 6.28% zombie foreclosures (49 zombie foreclosures)
    Counties: Saint Louis City, Saint Louis, Jackson
  11. North Dakota– 6.17% zombie foreclosures (10 zombie foreclosures)
    Counties: No data available
  12. Oklahoma– 5.59% zombie foreclosures (57 zombie foreclosures)
    Counties: Oklahoma, Tulsa, Cleveland
  13. West Virginia– 5.36% zombie foreclosures (6 zombie foreclosures)
    Counties: Kanawha
  14. Montana– 4.90% zombie foreclosures (5 zombie foreclosures)
    Counties: Yellowstone
  15. Maine– 4.70% zombie foreclosures (32 zombie foreclosures)
    Counties: Penobscot, York, Cumberland
  16. Vermont– 4.55% zombie foreclosures (1 zombie foreclosures)
    Counties: Chittenden
  17. Illinois– 4.31% zombie foreclosures (641 zombie foreclosures)
    Counties: Saint Clair, Peoria, Madison
  18. Nebraska– 4.17% zombie foreclosures (10 zombie foreclosures)
    Counties: Douglas, Lancaster, Sarpy
  19. Pennsylvania– 4.01% zombie foreclosures (240 zombie foreclosures)
    Counties: Schuylkill, Beaver, Allegheny
  20. Washington– 3.79% zombie foreclosures (61 zombie foreclosures)
    Counties: Spokane, Pierce, Kitsap
  21. Hawaii– 3.74% zombie foreclosures (62 zombie foreclosures)
    Counties: Hawaii, Honolulu, Maui
  22. Alabama– 3.72% zombie foreclosures (31 zombie foreclosures)
    Counties: Montgomery, Jefferson, Mobile
  23. Nevada– 3.62% zombie foreclosures (59 zombie foreclosures)
    Counties: Clark, Washoe
  24. Maryland– 3.58% zombie foreclosures (79 zombie foreclosures)
    Counties: Baltimore City, Baltimore, Prince George’s County
  25. Arizona– 3.53% zombie foreclosures (68 zombie foreclosures)
    Counties: Pima, Mohave, Maricopa
  26. Florida– 3.43% zombie foreclosures (2132 zombie foreclosures)
    Counties: Pinellas, Sarasota, Palm Beach
  27. Rhode Island– 3.36% zombie foreclosures (5 zombie foreclosures)
    Counties: Washington, Kent, Providence
  28. New York– 3.29% zombie foreclosures (1442 zombie foreclosures)
    Counties: Broome, Niagara, Oneida
  29. Michigan– 3.27% zombie foreclosures (63 zombie foreclosures)
    Counties: Wayne, Genesee, Saginaw
  30. Mississippi– 3.27% zombie foreclosures (8 zombie foreclosures)
    Counties: Hinds, Harrison, De Soto
  31. Colorado– 3.07% zombie foreclosures (57 zombie foreclosures)
    Counties: Pueblo, Denver, Arapahoe
  32. Delaware– 2.96% zombie foreclosures (14 zombie foreclosures)
    Counties: New Castle, Kent, Sussex
  33. Georgia– 2.91% zombie foreclosures (74 zombie foreclosures)
    Counties: Bibb, Richmond, Muscogee
  34. Texas– 2.86% zombie foreclosures (205 zombie foreclosures)
    Counties: Jefferson, Galveston, Lubbock
  35. Tennessee– 2.64% zombie foreclosures (22 zombie foreclosures)
    Counties: Shelby, Hamilton, Sullivan
  36. North Carolina– 2.60% zombie foreclosures (82 zombie foreclosures)
    Counties: Gaston, Cumberland, Forsyth
  37. Kentucky– 2.52% zombie foreclosures (21 zombie foreclosures)
    Counties: Jefferson, Kenton, Fayette
  38. Wisconsin– 2.42% zombie foreclosures (33 zombie foreclosures)
    Counties: Milwaukee, Winnebago, Rock
  39. Minnesota– 2.17% zombie foreclosures (24 zombie foreclosures)
    Counties: Saint Louis, Hennepin, Olmsted
  40. Louisiana– 2.14% zombie foreclosures (35 zombie foreclosures)
    Counties: Caddo, Calcasieu, East Baton Rouge
  41. New Hampshire– 2.07% zombie foreclosures (4 zombie foreclosures)
    Counties: Rockingham, Hillsborough
  42. Utah– 1.97% zombie foreclosures (27 zombie foreclosures)
    Counties: Washington, Salt Lake, Weber
  43. California– 1.93% zombie foreclosures (272 zombie foreclosures)
    Counties: Riverside, Los Angeles, San Luis Obispo
  44. South Carolina– 1.90% zombie foreclosures (97 zombie foreclosures)
    Counties: Beaufort, Horry, Anderson
  45. Arkansas– 1.69% zombie foreclosures (4 zombie foreclosures)
    Counties: Pulaski, Washington, Benton
  46. Connecticut– 1.67% zombie foreclosures (13 zombie foreclosures)
    Counties: New London, New Haven, Middlesex
  47. Virginia– 1.58% zombie foreclosures (27 zombie foreclosures)
    Counties: Richmond City, Norfolk City, Virginia Beach City
  48. Massachusetts– 1.20% zombie foreclosures (33 zombie foreclosures)
    Counties: Barnstable, Berkshire, Suffolk
  49. Idaho– 1.15% zombie foreclosures (5 zombie foreclosures)
    Counties: Ada, Kootenai, Canyon
  50. New Jersey– 0.80% zombie foreclosures (180 zombie foreclosures)
    Counties: Cape May, Middlesex, Atlantic

Conclusion

Zombie foreclosures remain rare across the U.S., accounting for just over 3 percent of all properties in foreclosure. States with the highest shares are Wyoming, South Dakota, and Kansas.

 

For full report, please click the source link above.

 

Zombie Foreclosure and Vacancy Rates Creep Down

Posted on by Safeguard

Industry Update
October 28, 2025

Source: ATTOM

Zombie Foreclosure and Vacancy Rates Creep Down

ATTOM, a leading curator of land, property data, and real estate analytics, today released its fourth-quarter 2025 Vacant Property and Zombie Foreclosure Report showing that 1.32 percent of residential properties in the United States, about 1.4 million homes, were vacant. That was down slightly from a 1.33 percent national vacancy rate the previous quarter as the country continues to experience high demand for houses.

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).

The analysis shows that 228,943 residential properties nationwide were in the process of foreclosure during the fourth quarter. Of those, 3.25 percent, or about 7,448 homes, were “zombie” properties, meaning they had been abandoned by their owner prior to the conclusion of the foreclosure proceedings. That was down from a 3.38 percent zombie rate the previous quarter.

“These continuously low vacancy rates that the nation has held steady at around 1.4 percent for nearly four years, show that record high prices haven’t dampened the demand for homes,” said Rob Barber, CEO of ATTOM. “It’s a good sign for local housing markets that even as we’ve seen foreclosure filings increase, the rate of homes in foreclosure that are abandoned is going down.”

Low zombie rates fall further in most states

The number of zombie properties rose quarter-over-quarter in 21 states and the District of Columbia, but by small margins and as few as a single additional zombie property in some states.

Among states with at least 50 zombie properties, the biggest quarter-over-quarter increases in zombie properties came in Oregon (up 37.8 percent to 51 zombie properties in the fourth quarter); Nevada (up 31.1 percent to 59); Georgia (up 15.6 percent to 74); Ohio (up 9 percent to 606); and Arizona (up 6.3 percent to 68).

Those with the largest quarter-over-quarter drops in zombie properties were Oklahoma (down 23 percent to 57); Indiana (down 12.7 percent to 219); California (down 12.3 percent to 272); Michigan (down 11.3 percent to 63); and Iowa (down 9.3 percent to 107).

Vacancies rare in New England states

The states with the highest overall home vacancy rates in the fourth quarter were Oklahoma (2.4 percent); Kansas (2.3 percent); Alabama (2.2 percent); Missouri (2.1 percent); and West Virginia (2.1 percent).

The lowest overall vacancy rates were in New Hampshire (0.3 percent); Vermont (0.4 percent); New Jersey (0.5 percent); Idaho (0.5 percent); and Connecticut (0.5 percent).

Midwestern cities see highest zombie rates

Zombie property rates were below the national rate of 3.25 percent in 56 percent (75) of the 133 metropolitan statistical areas in our analysis with at least 100,000 properties and 100 properties in the foreclosure process.

Of those metro areas, the ones with the highest rates of pre-foreclosure homes that had been abandoned, or become “zombies,” in the fourth quarter were Cedar Rapids, IA (14 percent of pre-foreclosure homes abandoned); Peoria, IL (11.9 percent); Wichita, KS (11.8 percent); Cleveland, OH (10.8 percent); and Youngstown, OH (10.6 percent).

Three of the largest metro areas had no zombie properties in the fourth quarter: Grand Rapids, MI; Nashville, TN; and Raleigh, NC. The next lowest zombie rates were in Atlantic City, NJ (0.2 percent); Provo, UT (0.3 percent); Trenton, NJ (0.3 percent); Oxnard, CA (0.7 percent); and Stockton, CA (0.8 percent).

Vacancy rates higher for investment properties

Homes owned by institutional investors were slightly more likely than typical homes to be vacant in the fourth quarter. Of the 880,347 investor-owned properties nationwide, 3.5 percent were unoccupied compared to the overall national rate of 3.3 percent.

The states with the highest vacancy rates for investor-owned homes were Indiana (7.1 percent); Illinois (6.1 percent); Alabama (5.9 percent); Oklahoma (5.9 percent); and Kansas (5.8 percent).

The lowest vacancy rates for investor-owned properties were in New Hampshire (0.8 percent); Vermont (1 percent); Idaho (1.3 percent); Utah (1.5 percent); and North Dakota (1.5 percent).

Some zip codes see far higher concentration of zombies

Of the 2,247 zip codes in ATTOM’s analysis with at least 1,000 properties and 25 in pre-foreclosure in the fourth quarter, about 64.6 percent (1,452) had zombie property rates below the national rate of 3.25 percent.

The zip codes with the highest zombie home rates were 91001 in Altadena, CA (56 percent); 52404 in Cedar Rapids, IA (39.3 percent); 44103 in Cleveland, OH (34.6 percent); 33703 in Saint Petersburg, FL (32.8 percent); and 33708 in Saint Petersburg, FL (32.7 percent).

Conclusion

ATTOM’s fourth-quarter 2025 analysis found that 1.32 percent of U.S. residential properties were vacant, down slightly from 1.334 percent the previous quarter. The share of zombie foreclosures also ticked lower, dropping from 3.38 percent in Q3 to 3.25 percent in Q4, representing about 7,448 homes. Vacancy and zombie foreclosure rates declined in most states, with notable drops in California, Indiana, and Florida, while modest increases were seen in Ohio, Nevada, and Oregon.

 

For full report, please click the source link above.