fstop123 | E+ | Getty ImagesForeclosure filings climbed again in October, after sitting at historic lows in recent years, according to new data released Thursday.While the numbers are still small, the persistent rise in foreclosures may be a sign of cracks in the housing market.There were 36,766 U.S. properties with some type of foreclosure filing in October — such as default notices, scheduled auctions or bank repossessions, according to Attom, a property data and analytics firm. That was 3% higher than September and a 19% jump from October 2024, and marked the eighth straight month of annual increases, Attom said.Foreclosure starts, which are the initial phase of the process, rose 6% for the month and were 20% higher than the year before. Competed foreclosures, the final phase, jumped 32% year over year.”Even with these increases, activity remains well below historic highs. The current trend appears to reflect a gradual normalization in foreclosure volumes as market conditions adjust and some homeowners continue to navigate higher housing and borrowing costs,” said Attom CEO Rob Barber in a release.Florida, South Carolina and Illinois led the nation in state foreclosure filings. On a metropolitan area level, Florida’s Tampa, Jacksonville and Orlando had the most filings, with Riverside, California, and Cleveland rounding out the top five.Looking specifically at completed foreclosures, Texas, California and Florida had the most, suggesting those states will see more inventory coming on the market at distressed prices. There is still very strong demand for homes, especially in lower price ranges, so it is likely those foreclosed properties will find buyers quickly.Get Property Play directly to your inboxCNBC’s Property Play with Diana Olick covers new and evolving opportunities for the real estate investor, delivered weekly to your inbox.Subscribe here to get access today.At the peak of the Great Recession, more than 4% of mortgages were in foreclosure, according to Rick Sharga, CEO of CJ Patrick Co., a real estate market intelligence firm. Today, less than 0.5% are in foreclosure, well below the historic average of betwe …
