🚨 More Deals, Fewer Bidders Chasing Them
More inventory and less noise at the auction.
Something is shifting in the foreclosure market, and the data says the pipeline is still moving.
Completed auctions rose 23% year over year in Q2, while scheduled volume reached its highest level in more than six years.
FHA-backed auctions led the increase, climbing 47%, and loans originated since 2022 accounted for 45% of completed volume.
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Foreclosure starts are also up 18% nationwide.
Here’s the part that matters: new FHA defaults fell 15%, which means existing distress is finally reaching the auction block, not a fresh wave of missed payments.
With mortgage rates at an 11-month high and applications down 6.4%, investors are seeing more distressed supply enter a market with fewer financed buyers and tougher exits.
🔨 Foreclosure Auctions Hit 6-Year High
📈 Foreclosure Starts Climb 18% Nationwide
📉 New FHA Defaults Drop 15% Year-Over-Year
🏢 CMBS Delinquencies Stay Stubbornly High
🔻 Mortgage Applications Plunge 6.4%
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Foreclosure Auctions Rise in Q2 2026, FHA Loans Driving Gains
Completed foreclosure auctions rose 23% year over year in Q2, with FHA-backed loans and 2022+ vintages driving the largest share of the increase, and scheduled volume points to more supply ahead.
Foreclosure Starts Climb in the First Half of 2026
Foreclosure filings hit 227,548 properties nationwide in H1 2026, up 21% year over year, with Idaho, Colorado, and Georgia posting the sharpest state-level increases.
FHA Loans Driving Annual Decline in New Default Activity
New FHA defaults fell 15% year over year in June, the largest annual decline in over four years, signaling that current foreclosure supply is existing distress moving through the pipeline rather than fresh missed payments.
CRE Loan Delinquencies Decline in Q2, CMBS Remains Elevated
Commercial mortgage delinquencies improved broadly in Q2, but CMBS loans stayed elevated at 4.82%, with office and lodging properties continuing to lag the recovery.
Mortgage Applications Plunge as Surging Interest Rates Deter Buyers
Mortgage application volume dropped 6.4% for the week ending July 24 as 30-year rates hit an 11-month high, squeezing both purchase and refinance activity.
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