Florida just posted the worst foreclosure rate in the country, one filing for every 2,106 homes, with Charlotte and Polk counties leading the carnage.

June’s national numbers dropped 3% month over month, but that dip sits against a market still running 21% hotter than last June.

Lenders slowed new foreclosure starts even as banks accelerated REO completions, up 17% from May.

South Carolina, Indiana, Nevada, and Illinois round out the top five, a reminder that distress is showing up far outside the coastal markets everyone watches.

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U.S. Foreclosure Rates by State

Foreclosure filings climbed 21% year over year in June. REO completions rose even faster, up 23% annually and 17% from May alone. Florida, South Carolina and Indiana top the state rankings as inventory keeps surfacing across those markets.

Condo Prices Fell by 15% to 33% in 30 Bigger Cities Already

Condo prices have dropped 15% to 33% across 30 major cities, with some back to 2006 levels. Miami and San Francisco owners face assessments, rising HOA fees and tighter financing. New supply adds pressure, tilting leverage to buyers.

Rents Buckle as Supply Surges, Growth Fades

Rents are slipping in Austin, Denver, Phoenix and D.C. as a wave of new apartment supply lands while population growth cools in those metros. CMBS delinquencies above 7% show the strain hitting loans, widening the gap with single-family rents.

Builder Confidence Remains Stuck Near Post-Recession Lows

Builder confidence sits at 34, its 15th straight month under 40. Thirty-seven percent of builders are cutting prices outright, and 63% are leaning on incentives instead. That signals a builder base retreating from land rather than expanding into it.

Here’s Why the Housing Market is Hurting So Much This Summer

Pending home sales dropped 5.4% in June as mortgage rates climbed to 6.64%. Builder confidence sits at 34, and 63% of new construction now carries incentives. That combination has shifted the summer market decisively toward buyers.

300,000 Empty Lots Could Close America’s Housing Shortage by 6%

Zillow counts over 300,000 empty lots on the market, 17.4% of all listings nationwide, concentrated in Florida and Texas. That inventory could close 6% of the housing shortfall, though weak builder confidence limits how fast it gets absorbed.

Homes are sitting on the market longer than they have in a decade.

Single-family listings just hit a 10-year high, and condos are climbing even faster toward a 14-year record.

Buyers are pulling back as rates climb to 6.49%, leaving sellers holding properties at prices the market won’t clear.

That standoff is already forcing price cuts across overbuilt metros, and distressed investors are watching those cracks widen.

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Inventory Piles Up as Buyers Sit Out

Single-family listings climbed to a 10-year high in June, and condo inventory reached its highest level in 14 years. Sales kept sliding even as mortgage rates pushed to 6.49%. Price cuts are already surfacing in overbuilt metros, worth watching before they show up in national medians.

Flip Margins Widen Despite Fewer Deals

More than half of major metros saw flipping margins widen last quarter, even though total flip volume fell. Spartanburg, Flint, and Shreveport topped the list with gross returns above 100%, proof that cheap acquisition costs still open room for distressed deals in select markets.

Record Median Price Hides a Softening Market

June sales extended their sideways run, with inventory holding at 4.6 months even as the median price set a fresh record of $440,600. Strong national prices like this often mask softening at the local level, exactly the kind of divergence Wolf Street’s inventory numbers point to.

The Housing Shortage Isn’t Going Away

The national housing shortage held near 4.7 million units for the first time in years, as construction finally kept pace with demand. That gap helps explain why national prices stay firm even as resale inventory builds in specific metros. High-deficit markets remain the toughest places to find a discount.

Where Inflation Is Squeezing Homeowners Hardest

California, Colorado, Florida, and other high-cost states are watching inflation eat further into household budgets through housing, insurance, and energy bills. These pressure points tend to be where borrower stress surfaces first, giving distressed investors an early map of where sellers may need to move fast.

Foreclosure listings just hit their highest share since 2020.

But the real story is the discount.

Foreclosed homes are now selling nearly 27% below estimated value, giving buyers a rare opening in a market where affordability has been brutal.

More distressed listings mean more legwork and more risk, but also entry prices you won’t find anywhere else in this market.

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Foreclosure Listings Climb to a 2026 High

Foreclosure listings reached their highest share since 2020 this week. Distressed homes are selling near 27% below estimated value, opening the door for investors chasing fixer-upper deals in expensive markets.

Where Flippers Found the Best Margins in Q1

Purchase price, renovation costs, and resale value decided flip profits in Q1. Boston and Atlanta gave investors wide margins to work with, while Dallas-Fort Worth showed how a thin spread can squeeze a deal.

Home Prices Growing Slower, But Outright Prices Still at All-Time Highs

April home prices dipped 0.1% after seasonal adjustment, a sign of cooling growth. Overall values still sit at record highs, and several Western and Sun Belt markets are already posting annual declines.

Buyers Stay on the Sidelines This Week

Rates held near 6.58% this week, and mortgage demand slipped again as buyers stayed cautious. Distressed and foreclosure inventory keeps growing even as rate-locked owners hold regular resale supply tight, giving investors room to negotiate on homes that sit longer.

Rental Affordability Reaches a New May High

Nearly three in four rentals are now within reach for a median-income household, the strongest May reading in years. Concessions on almost 40% of listings add to the shift, as new supply hands renters more leverage.

Sub-3% Mortgage Holders Are Holding Firm

Homeowners with mortgages below 3% stopped paying them off early, halting the recent unwind of the lock-in effect. Nearly half of all borrowers still carry rates below 4%, keeping conventional resale supply tight and turnover slow.

Foreclosures pulled back in May, but the pressure is still running hotter than last year.

That is the part investors should watch.

May brought 40,355 filings nationwide, with Florida, South Carolina, Maryland, Nevada and Indiana showing the highest rates.

Distress is becoming a state-by-state story, and the best opportunities are starting to look local.

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U.S. Foreclosure Rates by State

Foreclosure activity cooled from April, but the pressure is still higher than last year. May brought 40,355 filings nationwide, with Florida, South Carolina, Maryland, Nevada and Indiana posting the highest rates. Distress is still showing up locally first.

US Government Sold $518 Billion of Treasury Securities this Week

Treasury yields jumped after a huge week of government borrowing and a sharper tone from the Fed. The U.S. sold $518B of securities, while 6-month to 2-year yields spiked as traders priced in tighter policy and higher short-term rates.

Homeowners Tapped $47 Billion in Equity in the First Quarter

Homeowners are pulling cash from their homes again, tapping $47B in equity in Q1, the highest first-quarter level since 2021. With $11T in available equity and many owners locked into low-rate mortgages, HELOCs are becoming the easier route.

Home Flipping Returns Edge Up After Seven Quarters of Decline

Flipping returns finally ticked higher after seven straight quarters of decline. The typical flip made a 25.4% return in Q1, but the real story is local. Pittsburgh and Buffalo posted huge margins, while major Texas metros barely cleared single digits.

Mortgage Applications Give Back Some of Last Week’s Gains

Mortgage demand slipped after last week’s bounce as rates moved with inflation data and geopolitical headlines. Total applications fell 3.8%, led by a 5% drop in refis, while purchase demand eased but stayed 3% above last year’s pace.

What’s Really Behind the Current Housing Affordability Crisis

Zillow says the affordability crisis comes down to one basic problem: America is short 4.7 million homes. Buyers are also dealing with higher rates, tight listings and private networks that hide inventory, making access to available homes even more important.

North Texas just became the new center of gravity for Texas CRE distress.

June foreclosure auctions are carrying $1.3B in troubled loans, the highest total since tracking began last May.

Dallas, Collin, and Tarrant counties account for 30 of the 48 loans heading to the block, and the stress has spread beyond apartments.

Downtown Austin hotels, a six-location car wash chain, and 11 repeat auction properties show how messy the workout pipeline has become.

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Dallas Leads Distress Surge as Texas CRE Foreclosures Top $1B Again in June

Texas CRE distress just crossed $1.3B in loans flagged for June foreclosure auctions, with North Texas carrying most of the weight. Dallas, Collin, and Tarrant counties account for 30 of the 48 troubled loans now heading to the block.

Foreclosures Hit Six-Year High as Ownership Costs Soar

Foreclosure filings hit a six-year high in Q1, and the pressure is showing up beyond the mortgage payment. Owners with low-rate loans are still getting squeezed as insurance, taxes, HOA fees, utilities, and maintenance costs keep rising.

Loans for Home Purchase at 12-Year Low

Purchase loans fell to a 12-year low in Q1, showing how thin the buyer pool has become. ATTOM says home-buying loans dropped 19% to 581,261, with purchase activity falling across nearly every metro it analyzed.

April 2026 New Home Sales – Lowest For Any April Since 2022

New home sales fell to 622,000 in April, the weakest April pace since 2022. Inventory climbed to 9.4 months of supply, putting builders in a tougher position as resale listings compete for fewer active buyers.

Why Delaware Keeps Ranking Highest for Home Foreclosures

Delaware led the nation in April foreclosure rates, but the bigger lesson is how foreclosure rankings can distort the signal. With only 267 filings, the state shows why investors need to separate percentage spikes from real distressed-sale volume.

Top 10 U.S. Metros Leading the Yearly Growth in Purchase Mortgage Originations

Purchase activity declined across 99% of ATTOM’s analyzed metros, but a few markets still moved against the trend. Fort Wayne and Indianapolis led the annual gains, making them useful liquidity exceptions in an otherwise weaker lending market.

Credit stress is starting to show up in places that were supposed to stay under control.

It shows up first in the weaker parts of the market, and right now condos are one of the clearest signals.

Prices are already down 15% to 33% in two dozen bigger markets, with some cities giving back gains all the way to 2005 and 2006 levels.

Cheap money pushed a lot of values higher, but this reset is starting to show which assets had real support and which ones were just riding the cycle.

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Here Come The Bankruptcies

Credit stress is spreading from consumers to private credit, CRE and corporate borrowers. Student loan, auto loan, office and multifamily delinquencies are all moving higher, while bankruptcies hit a 15-year high in 2025.

Oh Dear, Condo Prices already Dropped by 15% to 33% in 24 Bigger Markets

Condo prices are already down 15% to 33% in two dozen bigger markets, with Cape Coral and Oakland leading the reset. In some cities, values have round-tripped back to levels first seen around 2005 and 2006. The condo bubble is now showing up in the data.

Prices of Single-Family Homes already Down 10% to 26% in these 15 Bigger Cities

Single-family home prices are already down 10% to 26% in 15 bigger cities, even as national price indices barely moved. Austin and Oakland are leading the reset, while builders in places like McKinney are cutting prices and piling on incentives.

Zombie Foreclosures Rise in Most States in Second Quarter

Zombie foreclosures are rising again, even with the national vacancy rate holding at 1.3%. ATTOM counted 8,31 abandoned homes in foreclosure in Q2, with increases across 38 states and D.C. The distress is still small, but it is getting broader.

Nearly 40% of Listings Come with Perks this Spring (April Rental Report)

Nearly 40% of Zillow rental listings now come with concessions, up from roughly 1 in 3 last year and closer to 1 in 6 before the pandemic. Denver, Charlotte and Dallas are leading the perk race as new apartment supply gives renters more leverage.

US Mortgage Rate Rises to 9-Month High, Worsening Affordability Again

Mortgage rates just hit a nine-month high at 6.65%, and buyers are pulling back again. Applications fell 8.5% last week, refinancing dropped, and rate lock is still keeping owners with sub-5% mortgages from listing their homes.

Home prices are now falling year over year in 25 of 33 major expensive cities, and the damage is concentrated where the last cycle got most stretched.

Oakland and Austin are both down 26% from their 2022 peaks, while New York and Chicago are still printing new highs.

That split matters because distress usually starts with basis resets, then shows up later in seller concessions, loan workouts, REO, and special servicer files.

At the same time, mortgage rates snapped back to 6.75%, the highest level since July, after jumping 33 basis points in just 10 days.

That move adds roughly $167 a month to the payment on a median-priced home, just as buyers were trying to step back in.

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Home Prices Fall in 25 of 33 Expensive Cities

Home prices fell year over year in 25 of 33 big expensive cities in April, with Oakland and Austin down 26% from their 2022 peaks. The split is getting wider, with New York and Chicago at new highs while former boomtowns keep giving back gains.

Mortgage Rates Surge to Highest Level Since July

Mortgage rates just hit 6.75%, the highest since July, after rising 33 basis points in 10 days. That adds about $167 a month on a median-priced home, even as pending sales rose and builders keep buying down rates.

Apartment Construction Starts Plummet To 15-Year Low

Apartment starts just fell to a 15-year low, with only 55,000 units breaking ground in Q1. The pipeline is down 50% from its 2023 peak, while office conversions keep climbing and Sun Belt metros are still digesting their excess supply.

HELOC Balances Hit $446B

HELOC balances hit $446B, up 41% since 2021, while mortgage balances barely moved. The bigger signal is homeowners are adding leverage through second-lien debt as serious delinquencies and foreclosures stay low.

Opportunity Zone Prices Rise in 44.6% of Tracts

Opportunity Zone prices rose year over year in 44.6% of analyzed tracts, with nearly 31% posting double-digit gains. The wrinkle is prices inside the zones are still far lower, with only 21.1% at or above the national median.

Mortgage distress still looks tame next to 2008, but the weak spots are getting easier to name.

Louisiana and Mississippi now stand out as insurance shocks and consumer credit stress push more borrowers into delinquency.

At the same time, the homeowner equity cushion is getting thinner.

Equity-rich homes fell to their lowest level since late 2021, while seriously underwater homes ticked higher across most states.

Louisiana, Kentucky, and Mississippi led that underwater move, putting the same Gulf-adjacent stress belt back in focus.

The signal is simple: broad equity remains intact, but the cleanest stress is showing up where delinquencies, insurance pressure, and thinner collateral already overlap.

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Which housing markets have the most—and least—mortgage distress right now?

Mortgage distress is still low by 2008 standards, but the pressure is showing up in specific places. Louisiana and Mississippi now stand out, with insurance shocks and consumer credit stress pushing more borrowers into delinquency.

Home Equity Rates Continue to Decline in First Quarter

Homeowner equity is still strong, but the cushion is getting thinner. Equity-rich homes fell to the lowest level since late 2021, while seriously underwater homes ticked higher across most states, led by Louisiana, Kentucky, and Mississippi.

Housing Market’s Crucial “Spring Selling Season” Is in Tatters

Spring selling season was supposed to unlock the housing market, but demand stayed frozen. Purchase mortgage applications are still 34% below 2019 levels as 6.5% rates, high prices, and lock-in keep buyers and sellers stuck.

April home sales disappoint as higher mortgage rates weigh on buyers

April sales barely moved, even with analysts expecting a spring bounce. Existing home sales rose just 0.2%, inventory stayed tight, and the median price hit a record April high as buyers faced another jump in mortgage rates.

Housing Bubble & Bust #1 and #2 as Seen through Employment at Mortgage Lenders and Mortgage Brokers

Mortgage lenders are cutting staff because the demand collapse has already hit. Nonbank lender jobs are down 40% from 2021, broker jobs are down 38%, and combined mortgage employment has fallen to its lowest level since May 2012.

Higher Rates Hit Mortgage Apps, But Only Modestly

Mortgage demand slipped as rates moved higher, but purchase activity is still holding above last year. Applications fell 4.4%, refis lost momentum, and record purchase loan sizes suggest higher-priced buyers are carrying more of the market.

Homeowner equity is still strong, but the cushion is getting thinner.

Equity-rich homes fell to their lowest share since 2021, while seriously underwater loans ticked higher across most of the country.

That matters because equity gives strained owners room to sell, refinance, or hold on.

Now that room is shrinking in more markets at the same time.

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Home Equity Rates Continue to Decline in First Quarter

Homeowner equity is still strong, but the cushion is getting thinner. Equity-rich homes fell to their lowest share since 2021, underwater loans ticked higher, and the stress is spreading across most states as prices cool and mortgage rates bite.

New Single-Family Home Prices Drop Further amid Inventory Glut

Builders are cutting deeper to move product. New home prices fell to the lowest level since 2021, incentives are still doing extra work, and sales are holding up because builders are doing what frozen existing-home sellers have resisted.

Mortgage Rates Hit the Highest Level in a Month; First-Time Homebuyers to Drop Out

Applications for a mortgage to purchase a home dropped 4% for the week and were just 5% higher than the same week one year ago. The average loan size on a purchase application increased to $467,300, the highest in the survey’s history dating back to 1990.

Zillow’s April Market Report Shows a Stalled Sales Recovery

The monthly mortgage payment on a typical U.S. home fell 3.4% year over year to $1,829 in April, even as home values edged up 0.7% to $366,712. Homes are taking a bit longer to find a buyer, with the typical listing going pending in 17 days.

Rise of the Zombie HOA

HOA fees are showing up in more listings, but the bigger issue is who controls the money. In “zombie HOAs,” developers can keep control past the handoff date, leaving residents chasing records, elections, and answers as dues keep rising.

Gap between Single-Family Rents & Multifamily Rents Widens to Record High

Inflation is spreading beyond the gas pump. The Fed’s preferred PCE gauge jumped in March, core services hit a 3.7% annualized six-month pace, and the pressure is showing up in chips, software, jewelry, and the wider economy.

America’s foreclosure crisis is accelerating, with 118,000 properties filed against in Q1 2026 and banks taking back homes 45% faster than last year.

The distress is clustering in specific cities and neighborhoods, each with its own set of problems pushing homeowners toward default.

Baltimore is one of the hardest hit, where old rowhouses, vacant properties, and 7% mortgage rates are driving owners past the breaking point.

Investors who can read distress at the neighborhood level will find the best deals.

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Foreclosure Filings Jump 26% as Distress Concentrates by Market

Foreclosure filings hit 118,000 in Q1, up 26% from last year, but the stress is showing up in pockets. Baltimore is one of the clearest examples, where aging rowhouses, rising costs and vacant homes are pushing more owners into distress.

Housing Supply Outruns Population Growth

Housing supply is finally outrunning population growth. The U.S. added 1.41 million homes in a year, while vacant units on the market hit 4.7 million, helped by sellers turning into accidental landlords after failing to get their price.

Home Sales Profits Fell Below 45 Percent for the First Time in Five Years

Seller profits keep thinning out. ATTOM says the typical home sale produced a 44.1% return in Q1, the lowest since 2021, while lender-owned sales ticked up and big Florida markets saw some of the sharpest margin drops.

Strong Purchase Demand Drives Solid Week For Mortgage Applications

Mortgage rates slipped to 6.35% and buyers came back fast. Purchase applications jumped 10% in one week and 14% from last year, while refis rose 6%. Lower rates gave borrowers a reason to move, and demand showed up across the board.

Two More Imploded Real-Estate Brokerage Stocks Tie the Knot

Real estate brokerages are still getting marked down by the frozen housing market. REMAX is being bought after an 85% stock collapse, while Real Brokerage is down 70%, turning another brokerage deal into a merger of wounded balance sheets.