Through all my foolish years
Except that life keeps runnin' in cycles
First there's laughter, then those tears
Cycles
Posted on 11/13/2025 4:55:42 AM PST by thegagline
There is a worrying new trend foreshadowing a housing market crash.
Foreclosures — when a bank or lender takes back a home after missed mortgage payments — are once again on the rise in the US. *** In October alone, there were 36,766 foreclosure filings — the first step in the process, when a lender warns a borrower they're in default. That's up three percent from September and 19 percent from a year ago.
'Foreclosure activity continued its steady upward trend in October — the eighth straight month of year-over-year increases,' said ATTOM CEO Rob Barber. *** Today's homeowners have safer loans, [than 2008]but experts warn that high borrowing costs, soaring insurance premiums, and dwindling savings could again push struggling families into default.
The new data shows how quickly warning letters are turning into lost homes, painting a grim picture of families slipping from late payments to full foreclosure.
ATTOM's report found lenders formally started foreclosure proceedings on 25,129 homes in October — up six percent from last month and 20 percent from 2024.
Another 3,872 homes were fully repossessed, a two percent monthly rise and a 32 percent jump year-over-year.
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), Illinois (one in every 2,570), Delaware (on in every 2,710), and Nevada (one in ever 2,747).
Among metro areas with populations of a million or more, Tampa posted the highest foreclosure rate at one in every 1,373 housing units.
*** On the flip side, some major metro areas did see drops in foreclosure filings in October, including Milwaukee, Indianapolis, Louisville, Washington DC, and Detroit — which is currently topping the luxury housing market ranking. ***
(Excerpt) Read more at dailymail.co.uk ...
Ah, the Daily Fail.
How is NYS not on that list, hmmmm?
Not counting property tax foreclosures?
Would this have anything to do with illegals self deporting while leaving any debts unpaid?
The bank doesn’t lose, btw. The take possession and resell.
Noting has changed much since 2008. The community reinvestment act is still in place. Banks are still lending to clients that are overextending themselves.
Out of 86.5 million home mortgages.
“The bank doesn’t lose, btw. The take possession and resell.”
The second part is true, but the repossession still costs money and from my experience as a landlord I will tell you that people who have to traumatically vacate homes do not leave them in good condition. A lot of them get their revenge by tearing the place up, not to mention the regular stealing of appliances and fixtures.
That and down here they are building houses as fast as they can, not just normal $250K - $400K, but $800K plus and these neighborhoods sit empty and many of the houses immediately go up for rent (Blackrock?).
One in 3000 is only 0.003… percent.
Hardly a headline- level financial crisis.
This is just cheap hype to sell papers.
Struggling to pay insurance and property tax.
On a side note, Florida HOAs have become predatory and are bankrupting homeowners with fees and assessments. Entire condo building owners are selling their building as a group to get out.
Housing costs is an issue tailor-made for Trump to address as a long-time developer. It has been a building crisis since the 1990s. Trump and the Republican Congress need to focus on making sure the economy does not tank and things like housing costs or else they will get killed in the midterm elections.
A. No. Illegals can’t get bank loans.
B. Banks don’t always lose? Were you around in 2008? There was a bank failing every other day.
If there were to be a swell l in defaults (which I hope isn’t the case,) there would be a flood of properties hitting the market at once, thereby wiping out the equity in the collateral.
Worthless!!
They govt buys section 8 housing and plants illegals. If illegals get shipped out the demand for housing coming from HUD will lower prices. Yes HUD buys single family homes.
And repairs. Check out reddit with new homeowners whining that their housing is not turnkey and that (expensive) maintenance/repairs are needed.
These are the same people that whined about their landlords when they were renting and that renting is so much worse than homeownership.
Yep. And the banks often sell them at auction for quick results. Prices are always FAR below x market value…which lowers prices all around until the F/c’s are all gone
New home prices related to lot prices and developers don’t build modest starter homes anymore.
Today if you want a new modest starter home, your only choice is a townhome or condo in buildings that look like military barracks.
As a result people buy more house than they can afford
“Affordable” neighborhoods are likely to be crime-ridden and full of Section 8 renters.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.