Safeguard Properties

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.

 

Fannie and Freddie: Single Family Delinquency Rate Increased in September

Posted on by Safeguard

Industry Update
October 29, 2025

Source: CalculatedRisk Newsletter

Freddie Mac reported that the Single-Family serious delinquency rate in September was 0.57%, up from 0.56% August. Freddie’s rate is up year-over-year from 0.54% in September 2024, however, this is below 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 September was 0.54%, up from 0.53% in August. The serious delinquency rate is up year-over-year from 0.52% in September 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), 1.35% are seriously delinquent (unchanged from 1.35% the previous month).

For loans made in 2005 through 2008 (1% of portfolio), 1.93% are seriously delinquent (unchanged from 1.93%).

For recent loans, originated in 2009 through 2025 (98% of portfolio), 0.49% are seriously delinquent (unchanged from 0.49%). 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.

 

Federal Housing Agency Requests Public Feedback on Proposed Strategic Plan

Posted on by Safeguard

Industry Update
October 17, 2025

Source: Financial Regulation News

The U.S. Federal Housing Finance Agency released a call for public feedback on its latest proposed Strategic Plan.

In an Oct. 15 press release, the agency announced its proposed Strategic Plan for Fiscal Years 2026-2030, and requested the public give it feedback on what is in it. The new plan proposed three strategic goals: to responsibly oversee Fannie Mae and Freddie Mac, to supervise the Federal Home Loan Banking System and to efficiently manage the U.S. Federal Housing Operations.

Currently, U.S. Federal Housing is both the regulator and the conservator for Fannie Mae and Freddie Mac with a statutory duty to promote safe and sound operations and to conduct supervisory examinations. The agency will assess the safe and sound operations, it said in its plan, through examinations, ongoing monitoring and off-site reviews.

Additionally, the agency, as regulator of the Federal Home Loan Bank System, has a statutory duty to promote safe and sound operations through its supervision of the system. The agency said it will assess operations of the FHLBanks and the Office of Finance through annual examinations. And lastly, the agency said it will streamline and modernize core operations at U.S. Federal Housing to ensure timely, accurate and cost-effective delivery of services to support the stability of the mortgage market.

Input on the plan is due Nov. 5, 2025 and should be submitted through to the U.S. Federal Housing website.

 

For full report, please click the source link above.

 

ICE First Look: Mortgage Performance Remains Strong as FHA Foreclosures Emerge

Posted on by Safeguard

Industry Update
October 24, 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), and one of the leading providers of mortgage data, today released the September 2025 ICE First Look at mortgage delinquency, foreclosure and prepayment trends.

The data shows that overall mortgage performance remains historically strong, with both delinquencies and foreclosure activity remaining below long-term averages. While some shifts are emerging among government-backed loan segments, these trends largely represent a normalization of market dynamics rather than broad-based weakness.

“The mortgage market remains remarkably resilient, with mortgage performance continuing to hold up well,” said Andy Walden, Head of Mortgage and Housing Market Research at ICE. “Delinquency rates improved in September, and even as we see increases in activity among FHA loans, we’re largely returning to more typical levels following several years of artificially low foreclosure volumes.”

Key takeaways from this month’s findings include:

Delinquencies remain well below pre-pandemic norms: The national delinquency rate fell by 2 basis points (bps) in September to 3.42%, down 6 bps from the same time last year and 58 bps below its September 2019 pre-pandemic level.

Strength across delinquency bands in September: Both early-stage (30-day) and late-stage (90+ day) delinquencies improved month-over-month, as the vast majority of borrowers remain current on their mortgage payments.

Non-current rates improved for most investors: The non-current rate (delinquencies plus active foreclosures) declined year-over-year among GSE (-3 bps), VA (-4 bps) and portfolio-held loans (-17 bps). FHA loans were the notable exception, rising by 44 bps from last year’s levels.

Foreclosure activity is returning to normal ranges: There were 103,000 foreclosure starts in Q3 2025, a 23% increase from the same period last year, but 18% below Q3 2019’s pre-pandemic levels.

Improving efficiency in resolution: The number of loans in active foreclosure rose modestly year-over-year (18%), yet overall foreclosure volume remains historically low, with Q3 foreclosure sales (21,000) at roughly half of 2019 levels. FHA loans account for the majority of that rise, making up 38% of active foreclosures, roughly half of the annual rise in foreclosure starts and 80% of the rise in active foreclosures. The resumption of VA foreclosure activity following last year’s moratorium is largely responsible for the remainder.

Prepayments are edging higher: Prepayments rose by 8 bps in September to a 0.74% single month mortality (SMM) rate, a 15% increase from the prior year, as interest rates began to ease in August.

 

For full report, please click the source link above.

 

FEMA Major Disaster Declaration – Alaska Severe Storms, Flooding, and Remnants of Typhoon Halong

Posted on by Safeguard

FEMA Alert
October 22, 2025

FEMA has issued a Major Disaster Declaration for the state of Alaska to supplement state, tribal and local recovery efforts in areas affected by severe storms, flooding, and the remnants of Typhoon Halong from October 8-13, 2025.  The following counties have been approved for assistance:

Individual Assistance:

  • Lower Kuskokwim Regional Educational Attendance Area
  • Lower Yukon Regional Educational Attendance Area
  • Northwest Arctic

 

Public Assistance:

  • Lower Kuskokwim Regional Educational Attendance Area
  • Lower Yukon Regional Educational Attendance Area
  • Northwest Arctic

 

Alaska Severe Storms, Flooding, and Remnants of Typhoon Halong (DR-4893-AK)

President Donald J. Trump Approves Major Disaster Declaration for Alaska

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 – North Dakota Severe Storms, Straight-line Winds, and Tornadoes

Posted on by Safeguard

FEMA Alert
October 22, 2025

FEMA has issued a Major Disaster Declaration for the state of North Dakota to supplement state, tribal and local recovery efforts in areas affected by severe storms, straight-line winds, and tornadoes from August 7-8, 2025.  The following counties have been approved for assistance:

Public Assistance:

  • Barnes
  • Grand Forks
  • Griggs
  • Kidder
  • Nelson
  • Steele
  • Stutsman

 

North Dakota Severe Storms, Straight-line Winds, and Tornadoes (DR-4895-ND)

President Donald J. Trump Approves Major Disaster Declaration for North Dakota

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 – Leech Lake Band of Ojibwe Severe Storms and Straight-line Winds

Posted on by Safeguard

FEMA Alert
October 22, 2025

FEMA has issued a Major Disaster Declaration for the Leech Lake Band of Ojibwe to supplement tribal recovery efforts in areas affected by severe storms and straight-line winds on June 21, 2025.  The following areas have been approved for assistance:

Individual Assistance:

  • Leech Lake Indian Reservation

 

Public Assistance:

  • Leech Lake Indian Reservation

 

***Please note: only properties associated with the Leech Lake Indian Reservation are approved for assistance.***

 

Leech Lake Band of Ojibwe Severe Storms and Straight-line Winds (DR-4894)

President Donald J. Trump Approves Major Disaster Declaration for Leech Lake Band of Ojibwe

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