One metro’s foreclosure auction sales rate jumped 553% in a single year.
Ocala, Florida, led the gains as sellers’ minimum auction bids relative to property values fell 22%.
Across 64 tracked markets, exactly half posted sales rate increases.
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Nationwide, completed foreclosure auctions rose 25% year over year, with loans originated since 2022 accounting for nearly half of that activity.
Banks are also accepting lower prices on repossessed homes, with REO buyers paying an average of 62.2% of estimated retail value, down from 64% a year earlier.
Here’s where auction supply is growing, sellers are adjusting, and buyers are stepping in:
🏚️ Foreclosure Auctions Jump 25%
📊 12% of Multifamily Debt Holds Half the Delinquencies
🔑 Distressed Apartment Sales Surge 63%
🏗️ Builders’ Unsold Inventory Signals Pricing Pressure
📉 Pending Home Sales Hit Lowest Level Since 2021
💸 Mortgage Resets Bring $1K Monthly Payment Jumps
Video of the Week: Banks Are Dumping Foreclosures
Chart of the Week: 78% of Maturing CRE Debt Faces Higher Costs
Podcast of the Week: Buy 3 Rentals. Pay Them Off. Financial Freedom.
Foreclosure Auction Volume Reaches Highest Level Since 2020
Completed foreclosure auctions rose 25% year over year in Q3, the seventh consecutive quarter of annual gains. FHA-insured loans (up 73%) and loans originated in 2022 or later (46% of volume) drove the increase.
Private-Label CMBS Holds Half of Multifamily Delinquencies
Private-label CMBS makes up 12% of the $635.82 billion securitized multifamily universe and 50.2% of the $11.6 billion in delinquent debt, with a 7.69% delinquency rate. Two years ago, CRE CLOs held the largest share at about 40% and private-label held 27%.
Distressed CRE Sales Rise 26% as Debt Funds Supply Capital
Distressed commercial sales reached $13.2B in the first nine months, led by a 62.8% jump in apartment deals, and account for 2.4% of total volume. CMBS distress climbed to 8.02% in September, the highest level since November 2020.
Builder Inventory Ratios Range From 0.44x to 3.09x
Century Communities (3.09x) and Meritage (2.86x) carry the most homes under construction relative to backlog, with NVR at 0.44x and D.R. Horton and Lennar at 1.47x and 1.68x. Century and Meritage both reported gross margins just above 18% in the second quarter.
Pending Home Sales Hit the Lowest Level on Record
Pending sales fell 1.9% week over week and 14.4% year over year, declining in all 50 of the most populous metros for the second week in a row. Mortgage rates of 7.4% push the median monthly payment to $2,796, the second-highest in Redfin’s records.
150,000 Homeowners Face First ARM Adjustments This Year
ICE data shows 2019 seven-year ARMs resetting this year carry a median initial rate of 3% and a median adjusted rate of 6.06%, lifting the median payment by $1,080. Another 186,000 homeowners reach their first adjustment in 2027 and 155,000 in 2028.
Video of the week