05/05/2026
Foreclosure filings hit 45,921 in March. That’s 28% above last year and the highest first-quarter pace in six years. Bank repossessions jumped 45% year over year. The real trigger is FHA. 11.6% of FHA borrowers were delinquent in March, and the “partial claim” subsidy that kept families afloat just got rewritten. Borrowers can only tap relief once every two years now, and they have to make three on-time payments first.
Analysts estimate up to 250,000 distressed sales over the next 12 to 18 months. This isn’t 2008. The equity picture is different. But it’s enough volume to reshape inventory unevenly, and that’s the part to watch.