Sellers now outnumber buyers by 58% nationwide, the biggest gap in Redfin’s records.
That imbalance is hitting hardest in DFW, where older apartment properties are trading at discounts up to 60% as owners buckle under high rates, rising utilities, taxes and payroll costs.
Nationally, foreclosures are climbing too: completed REOs jumped 42% to 5,794 in August, and listings just hit a six year high.
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Builders are feeling the same squeeze, with 38% cutting prices in September to keep deals moving.
Office owners are caught in a similar bind, with operating expenses growing more than double the pace of revenue over the past five years.
Distress like this, spread across housing, apartments and offices, is where today’s discounted entry points are coming from.
🏢 DFW Apartment Prices Drop as Much as 60%
🏚️ U.S. REOs Jump 42% Year Over Year
🌊 Underwater Mortgages Rise Across 33 States
🏠 Sellers Outnumber Buyers by Record 58%
🏙️ Office Expenses Outpace Revenue Growth
🏗️ 38% of Homebuilders Cut Prices
Video of the Week: Mortgage Rates Are About to Crack the Housing Market
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Podcast of the Week: Why Banks Are Desperate To Sell?
DFW Apartment Distress Creates Deep Discounts
Older multifamily properties across Dallas-Fort Worth are attracting buyers as prices on some vintage assets fall as much as 60%, while high rates, rising operating costs and lender pressure push more owners toward distressed sales or foreclosure.
REOs Jump 42% Year Over Year
Foreclosure activity continues to rise, with 40,277 properties receiving filings in August, foreclosure starts up 7% annually and completed REOs climbing 42% to 5,794, led by Texas, California and North Carolina.
Seriously Underwater Mortgages Rise Across the U.S.
Seriously underwater homes accounted for 3.2% of mortgaged properties in Q2, up from 2.7% a year earlier, with rates increasing year over year in 33 states and D.C. and some states showing much heavier concentrations of negative equity.
Sellers Outnumber Buyers by a Record 58%
The U.S. housing market has its widest seller surplus on record, with listings at a six-year high and Sun Belt metros such as Nashville, Miami and Houston showing some of the largest gaps between sellers and buyers.
Office Expenses Keep Outrunning Revenue
Office operating expenses grew 14.3% from 2021 through 2025 while revenues increased 6.7%, leaving NOI up just 1% as insurance, utilities, repairs and payroll continue to squeeze property-level margins.
38% of Homebuilders Cut Prices in September
Builder confidence fell to its lowest level since September 2025 as higher mortgage rates, labor shortages and rising material costs weakened demand, with 38% of builders cutting prices and 66% using sales incentives.
Video of the week