Foreclosure-related filings in the United States surged nearly 20 percent in October compared to the same period last year, according to real estate data firm Attom. The figures show 36,766 properties in some stage of foreclosure, a 3 percent increase from September and a 19 percent rise year-over-year.
Attom CEO Rob Barber described the trend as a “gradual normalisation” in foreclosure volumes as homeowners grapple with higher housing and borrowing costs. The average 30-year fixed mortgage rate has climbed to 6.24 percent, Freddie Mac reported, up from 6.22 percent the previous week.
Despite a recent Federal Reserve rate cut, home sales fell 0.3 percent year-over-year in the four weeks to 9 November, according to Redfin. Properties on the market took a median of 49 days to go under contract, the longest for this time of year since 2019.
Lisa Sturtevant, chief economist for Bright MLS, called the housing data a “double-edged sword,” noting that while economic concerns have held buyers back, some may be entering the market to take advantage of rate drops and increased inventory. Consumer confidence has been shaken, with affordability seen as a key factor in recent election outcomes.
President Trump has dismissed affordability concerns as a “con job,” claiming prices are “way down.” However, official data shows average prices rose 1.7 percent between January and September and are up 3 percent year-over-year. Adding to uncertainty, the White House said key jobs data from October may never be released due to disruptions from the government shutdown.
