Safeguard Properties

US YoY Foreclosure Activity Rises for Sixth Straight Month in August

Posted on by Safeguard

Industry Update
September 10, 2025

Source: ATTOM

ATTOM, a leading curator of land, property data, and real estate analytics, today released its August 2025 U.S. Foreclosure Market Report, which shows there were a total of 35,697 U.S. properties with foreclosure filings— default notices, scheduled auctions or bank repossessions — down 1 percent from a month ago but up 18 percent from a year ago.

“August marked the sixth consecutive month of year-over-year increases in U.S. foreclosure activity and the third straight month with double-digit annual growth,” said Rob Barber, CEO at ATTOM. “While overall levels remain below those seen before the pandemic, the ongoing rise in both foreclosure starts and completions suggests that some homeowners may be experiencing added financial strain in the current high-cost and high-interest-rate environment.”

The worst foreclosure rates were in Nevada, South Carolina, and Florida

Nationwide, one in every 3,987 housing units had a foreclosure filing in August 2025. States with the worst foreclosure rates were Nevada (one in every 2,069 housing units with a foreclosure filing); South Carolina (one in every 2,152 housing units); Florida (one in every 2,512 housing units).

Among the 225 metropolitan statistical areas with a population of at least 200,000, those with the worst foreclosure rates in August 2025 were Lakeland, FL (one in every 1,212 housing units with a foreclosure filing); Columbia, SC (one in every 1,347 housing units); Chico, CA (one in every 1,545 housing units); Cleveland, OH (one in every 1,755 housing units); and Ocala, FL (one in every 1,816 housing units).

Those major metropolitan areas with a population greater than 1 million with the worst foreclosure rates in August 2025 besides Cleveland were: Las Vegas, NV (one in every 1,817 housing units); Jacksonville, FL (one in every 2,057 housing units); Houston, TX (one in every 2,195 housing units); and Orlando, FL (one in every 2,210 housing units).

Texas, Florida, and California led the nation in foreclosure starts

Lenders started the foreclosure process on 24,254 U.S. properties in August 2025, down slightly at 0.2 percent from last month but up 16.9 percent from a year ago.

States that had the greatest number of foreclosure starts in August 2025 included: Texas (2,982 foreclosure starts); Florida (2,803 foreclosure starts); California (2,558 foreclosure starts); New York (1,207 foreclosure starts); and Illinois (1,170 foreclosure starts).

Those major metropolitan areas with a population greater than 1 million that had the greatest number of foreclosure starts in August 2025 included: New York, NY (1,431 foreclosure starts); Houston, TX (1,178 foreclosure starts); Chicago, IL (1,009 foreclosure starts); Los Angeles, CA (862 foreclosure starts); and Miami, FL (748 foreclosure starts).

Foreclosure completions up from same time last year

Lenders repossessed 4,077 U.S. properties through completed foreclosures (REOs) in August 2025, an increase of 5 percent from last month and an increase of 41 percent from last year.

States that had the greatest number of REOs in August 2025, included: Texas (476 REOs); California (343 REOs); New York (319 REOs); Florida (276 REOs); and Illinois (232 REOs).

Those major metropolitan statistical areas (MSAs) with a population greater than 1 million that saw the greatest number of REOs in August 2025 included: Chicago, IL (159 REOs); New York, NY (137 REOs); Houston, TX (109 REOs); San Antonio, TX (96 REOs); and Dallas, TX (79 REOs).

Conclusion

The August 2025 U.S. Foreclosure Market Report reveals a continued upward trend in foreclosure activity, marking the sixth consecutive month of year-over-year growth and the third straight month of double-digit increases. A total of 35,697 U.S. properties had foreclosure filings during the month, representing an 18% increase compared to August 2024, despite a slight 1% decline from July 2025.  Both key components of foreclosure activity rose year over year: foreclosure starts jumped 17% to over 24,000 filings, while completed foreclosures (REOs) surged 41%, totaling more than 4,000 nationwide.  Despite remaining below pre-pandemic levels, the persistent rise in both foreclosure starts and completions may signal increasing financial strain for some homeowners amid elevated home prices and interest rates.

 

For full report, please click the source link above.

 

ICE First Look at Mortgage Performance: Delinquencies Up; Foreclosure Activity Trending Higher

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Industry Update
September 24, 2025

Source: Ice Mortgage Technology

ICE Mortgage Technology, neutral provider of a robust end-to-end mortgage platform and part of Intercontinental Exchange, Inc. (NYSE: ICE), released its August 2025 ICE First Look at mortgage delinquency, foreclosure and prepayment trends. The data shows the national delinquency rate rose in August, largely driven by a calendar anomaly, while foreclosure activity continued its slow upward trend.

“The rise in the national delinquency rate for August is best understood in the context of how the calendar can impact payment processing,” said Andy Walden, Head of Mortgage and Housing Market Research at ICE. “Most of the uptick in the national delinquency rate can be attributed to delayed processing of end-of-month payments, as August closed on a Sunday this year. This calendar-driven effect is consistent with what we observed in prior years, so the increase should be considered a temporary adjustment rather than a shift in underlying borrower health.”

Key takeaways from this month’s findings include:

The national delinquency rate rose by 16 basis points (bps) in August to 3.43%, up 10 bps from the same time last year, marking a return to annual increases after temporary reprieves in June and July.

Mortgage delinquencies typically face little seasonal pressure from July to August, but the last day of August 2025 falling on a Sunday resulted in delayed processing and temporarily higher delinquency rolls. For instance, August 2003, 2008, and 2014 also ended on a Sunday, each experiencing a delinquency rise averaging 5.3%. This is similar to the 5.0% rise observed this year – suggesting that much of August’s delinquency rise may have been driven by the way the calendar fell.

FHA loans continue to see the largest annual increases, with the non-current rate (delinquencies including foreclosures) up by 86 bps to 12.0% in August, while the non-current rates for VA, GSE, and portfolio-held mortgages remained effectively flat year over year.

Serious delinquencies (loans 90+ days past due but not in foreclosure) rose by 16,000 in August and are up 32,000 year over year, while loans in active foreclosure increased by 3,000 for the month and 23,000 since last year.

Foreclosure starts rose year-over-year (+6%) for the ninth consecutive month, and foreclosure sales (+22.5%) are up from the same time last year for the sixth consecutive month, contributing to a 12.3% annual increase in foreclosure inventory.

Inflows and transitions to later stages of delinquency increased across the board, while cures to current from both early- and late-stage delinquency fell.

August prepayment activity slipped by 1 bp to a 0.66% single month mortality (SMM) rate, reflecting seasonal home buying patterns and relatively steady interest rates in July.

 

For full report, please click the source link above.

 

FHFA Withdraws from Green Finance Coalition

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Industry Update
September 23, 2025

Source: Dodd Frank Update

Federal Housing Finance Agency (FHFA) Director Bill Pulte announced the FHFA would withdraw from the Network of Central Banks and Supervisors for Greening the Financial System (NGFS) on Sept. 19.

The NGFS is a coalition of 114 central banks and financial supervisors, formed in 2017 to promote green finance and provide a framework for how central banks can help to address climate change, in accordance with goals described in the Paris Agreement.

The U.S. announced its intent to exit the Paris Agreement in January, which will take effect one year from that date, on Jan. 20, 2026. This will mark the country’s second time withdrawing from the agreement, having previously done so near the end of President Donald Trump’s first term in November 2020, only for it to rejoin in February 2021 under then-President Joe Biden.

With the move, which Pulte announced on X (formerly Twitter), the agency joined several other agencies in withdrawing from NGFS involvement.

The first to withdraw was the Federal Reserve on Jan. 17, asserting the network had broadened its scope to encompass a wider range of issues than covered by the Fed’s statutory mandate. Within a month, the Federal Deposit Insurance Corp. (FDIC), the U.S. Treasury Department’s Federal Insurance Office (FIO) and the Comptroller of the Currency had all followed suit, citing similar reasoning.

At the time of his agency’s withdrawal, Treasury Secretary Scott Bessent characterized the move as part of its implementation of Trump’s executive orders, titled “Putting America First in International Environmental Agreements” and “Unleashing American Energy.”

“NGFS’s initiatives are inconsistent with this administration’s priorities to grow the U.S. economy and American jobs, and NGFS’s role diverges from the traditional technical and coordinating roles of other international fora,” Bessent said in a press release. “Important parts of NGFS’s scope, including on monetary policy frameworks, go beyond FIO’s core duties. FIO will continue to engage with state insurance regulators and other stakeholders to promote U.S. interests in international insurance engagements.”

The Trump administration has characterized the country’s involvement in climate-related initiatives as a source of regulatory overreach that unnecessarily inhibits economic growth while providing limited direct benefits to American workers.

Supporters of the NGFS have argued statutory mandates pertaining to federal financial agencies’ obligations to preserve the safety and soundness the U.S. banking system and meet the needs of their communities are at odds with arguments in favor of withdrawal.

 

For full report, please click the source link above.

 

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

Posted on by Safeguard

FEMA Alert
September 11, 2025

***LAST UPDATE: 9/19/25***

FEMA has issued a Major Disaster Declaration for the state of Wisconsin to supplement state, tribal and local recovery efforts in areas affected by severe storms, straight-line winds, flooding, and mudslides from August 9-12, 2025.  The following counties have been approved for assistance:

Individual Assistance:

  • Milwaukee
  • Washington
  • Waukesha

 

Wisconsin Severe Storms, Straight-line Winds, Flooding, and Mudslides (DR-4892-WI)

President Donald J. Trump Approves Major Disaster Declaration 

Map of Affected Area

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 – Sisseton-Wahpeton Oyate Severe Storm and Flooding

Posted on by Safeguard

FEMA Alert
September 11, 2025

FEMA has issued a Major Disaster Declaration for Sisseton-Wahpeton Oyate to supplement tribal recovery efforts in areas affected by a severe storm and flooding from June 12, 2025 to June 16, 2025.  The following areas have been approved for assistance:

Individual and Public Assistance:

  • Lake Traverse (Sisseton) Indian Reservation

 

Sisseton-Wahpeton Oyate Severe Storm and Flooding (DR-4890)

Map of Affected Area

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 Carolina Tropical Depression Chantal

Posted on by Safeguard

FEMA Alert
September 11, 2025

FEMA has issued a Major Disaster Declaration for North Carolina to supplement recovery efforts in areas affected by Tropical Depression Chantal from July 6, 2025 to July 7, 2025.  The following areas have been approved for assistance:

Public Assistance:

  • Alamance
  • Caswell
  • Chatham
  • Durham
  • Moore
  • Orange
  • Person

 

North Carolina Tropical Depression Chantal (DR-4889)

Map of Affected Areas

List of Affected Zip Codes

 

Additional Resources

FEMA’s web site

FEMA’s Disaster Declaration Process

Safeguard Properties Industry Alerts

HUD Moratorium on Foreclosure

VA’s Policy Regarding Natural Disasters

Freddie Mac Disaster Relief Policies

Fannie Mae’s Natural Disaster Relief Policies

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

Posted on by Safeguard

FEMA Alert
September 11, 2025

FEMA has issued a Major Disaster Declaration for Kansas to supplement recovery efforts in areas affected by a severe storm, straight-line winds, tornadoes, and flooding from June 3, 2025 to June 7, 2025.  The following areas have been approved for public assistance:

Public Assistance:

  • Barber
  • Butler
  • Chase
  • Coffey
  • Cowley
  • Franklin
  • Greenwood
  • Harper
  • Hodgeman
  • Kingman
  • Lyon
  • Morris
  • Osage
  • Stanton
  • Sumner
  • Wallace

 

Kansas Severe Storms, Straight-line Winds, Tornadoes, and Flooding (DR-4891)

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 – Crow Tribe of Montana Severe Storm, Straight-line Winds, and Flooding

Posted on by Safeguard

FEMA Alert
September 11, 2025

FEMA has issued a Major Disaster Declaration for the Crow Tribe of Montana to supplement tribal recovery efforts in areas affected by a severe storm, straight-line winds, and flooding from May 18, 2025 to May 22, 2025.  The following areas have been approved for assistance:

Public Assistance:

  • Crow Indian Reservation

 

Crow Tribe of Montana Severe Storm, Straight-line Winds, and Flooding (DR-4887)

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 Storm, Tornadoes, and Straight-line Winds

Posted on by Safeguard

FEMA Alert
September 11, 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 Storm, Tornadoes, and Straight-line Winds for the period from June 20, 2025 to June 21, 2025.  The following counties have been approved for assistance:

Public Assistance:

  • Barnes
  • Burleigh
  • Cass
  • Eddy
  • Emmons
  • Foster
  • Grant
  • Griggs
  • Kidder
  • McLean
  • Morton
  • Oliver
  • Ransom
  • Sheridan
  • Sioux
  • Steele
  • Stutsman
  • Traill
  • Wells

 

North Dakota Severe Storm, Tornadoes, and Straight-line Winds (DR-4888-ND)

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

Dickinson County Land Bank Renovates First Home

Posted on by Safeguard

One Community Update
September 3, 2025

Source: www.uppermichiganssource.com

Two workers are spending this week putting the final touches on the inside of a home in Kingsford.

The one bedroom, one bathroom house is the starter home for the Dickinson County Land Bank, which has spent the summer renovating the abandoned property.

Dickinson County Land Bank Chair Lorna Carey says the county needs more housing.

“We see people crying for housing, rentals even,” Carey said. “Anything you know, there’s waiting lists for stuff like that. We’re trying to do our part in providing.”

The land bank plans on selling the home, either through an auction or listing.

Proceeds from the sale will go toward constructing an entirely new house in Iron Mountain.

The land bank hopes this process can be repeated to help increase the housing supply.

Carey says having a county construction crew gives the land bank the ability to go out and make more housing.

“We have the benefit here in Dickinson County that we have our own construction crew,” Carey said. “We don’t have to be out looking for a developer, or these other contractors who are so busy with their already lined up projects.”

The land bank was created in 2019, and this home is the first it’s renovated.

Land Bank Board member Barbara Kramer says the board is excited to take the next step.

“It’s been a process and a lot of learning,” Kramer said. “There’s been a steep learning curve for all of us, but it’s so exciting to see this little piece of property, the little house I call it, come to fruition and be available for people who might want it.”

 

For full report, please click the source link above.

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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