Fight Foreclosures The New Stockbroker Stockmarket Investment Strategists Takeover Foreign And Domestic! U.S. Foreclosure Filings Spike 18%: Delaware, South Carolina, and Florida Top the List
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Fight Foreclosures The New Stockbroker Stockmarket Investment Strategists Takeover Foreign And Domestic!
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U.S. Foreclosure Filings Spike 18%: Delaware, South Carolina, and Florida Top the List
Foreclosure filings climbed in April, with Delaware, South Carolina, and Florida emerging as the nation's primary hot spots for distressed property activity.
Across the U.S., foreclosure rates are up 18% from a year ago, according to the latest data from ATTOM. And in the last month, there were a total of 42,430 U.S. properties with foreclosure filings. The total includes default notices, scheduled auctions, and bank repossessions. While that might seem high, it's down 8% from March.
Meanwhile, foreclosure starts were up 12% from a year ago, while completed foreclosures increased 42%.
"Foreclosure activity continued its gradual trend higher in April, with both foreclosure starts and completed foreclosures posting annual gains," said Rob Barber, CEO of ATTOM.
"While overall filings declined from the previous month, the year-over-year increases suggest lenders may be working through distressed inventory as higher borrowing costs and affordability challenges impact some homeowners."
Nationwide, 1 in every 3,388 housing units had a foreclosure filing in April, according to the firm's latest report.
"Even so, foreclosure activity remains significantly below pre-pandemic levels," said Barber.
ATTOM’s report incorporates documents filed in all three phases of foreclosure: default and notice of default; notice of foreclosure; and real estate-owned or REO properties, defined as properties that have been foreclosed on and repurchased by a bank.
Worst foreclosure states
The state with the worst foreclosure rate in April 2026 was Delaware, with 1 in every 1,739 housing units there showing a foreclosure filing.
In Delaware, the median listing price is $500,000 and homes stay on the market a median of 48 days, according to Realtor.com®data.
"Delaware's high foreclosure rate is partly a math problem," said Hannah Jones, senior economic research analyst at Realtor.com. "With a relatively small number of total housing units, it doesn't take many filings to produce an alarming per-unit figure, so the rate overstates how dire conditions are for the average Delaware homeowner compared to a larger state with far more absolute filings."
Even so, Jones says there is real underlying stress.
"Delaware recently completed its first comprehensive property tax reassessment in roughly 40 years, and many homeowners saw their tax bills jump, which pushed some over the financial edge," she says.
Delaware real estate agent Jennifer Allan tells Realtor.com that overall housing costs and the rising cost of living also contribute to escalating foreclosure rates.
"In addition to taxes, Delaware has seen a sharp increase in overall housing costs over the last several years—not just mortgage payments, but also insurance, HOA costs, and general cost-of-living pressures," she says. "Those rising ownership costs are becoming difficult for some households to absorb."
Behind Delaware on the list of states with the highest foreclosure rates is South Carolina (1 in every 1,745). It has a median listing price of $365,000, with homes staying on the market a median of 54 days.
"South Carolina's foreclosure pressure is largely a consequence of its own growth," says Jones. "Rapid in-migration drove home prices well beyond what local income levels could support, and many buyers who purchased near the peak of that appreciation, with elevated mortgage rates on top, are now left with high monthly payments and little equity cushion. When financial stress hits, those homeowners have limited ability to refinance or sell their way out."
In third place is Florida, with 1 in every 2,092 housing units there showing a foreclosure filing. Florida has a median listing price of $426,000, with homes staying on the market a median of 74 days.
"Florida homeowners are being squeezed from multiple directions simultaneously," says Jones. "Homeowners insurance premiums have surged dramatically in recent years due to climate and storm risk, and property taxes have climbed alongside rapidly appreciated home values."
Jones adds that Florida also has an unusually high concentration of condo owners, who face not only mortgage payments but rising HOA fees—expenses that get passed directly to unit owners.
"Together, these stacking costs have made monthly homeownership burdens unsustainable for a growing number of residents," she says.
Rounding out the top five states for foreclosure rates are Indiana (1 in every 2,129) and Illinois (1 in every 2,262).
The median listing price in Indiana is $299,900, with a median time on the market of 44 days. In Illinois, the median listing price is $312,423, with 38 days on the market.
Indiana real estate agent Fred Krawczyk of Fred Krawczyk & Associates—who specializes in short sales—tells Realtor.com, "After COVID, we had artificial appreciation here in Indiana, and people were pulling out money and refinancing. As a result, I'm getting one to two foreclosures a week right now."
Metros with the most foreclosures
Among metro areas with populations above 500,000, Lakeland, FL, recorded the highest foreclosure rate in April, with one filing for every 1,221 housing units.
In Lakeland, the median listing price is $335,000 and homes stay on the market a median of 75 days.
Following Lakeland is Columbia, SC (1 in every 1,287) and Charleston, SC (1 in every 1,483).
Columbia has a median listing price of $300,000 and a median time on the market of 43 days. In Charleston, the median listing price is $499,945, with 44 days on the market.
Rounding out the top five are Bakersfield, CA (1 in every 1,566), and Cape Coral, FL (1 in every 1,628).
The median listing price is $403,995 in Bakersfield and $399,600 in Cape Coral.
The median time on the market is 48 days in Bakersfield and 82 days in Cape Coral.
"There is definitely an element of people in certain parts of Florida who bought too high during the pandemic real estate boom and now need to sell and find themselves essentially upside down," says Florida real estate agent Cara Ameer with Coldwell Banker.
When will mortgage rates go down? Waiting for a bond market break.
Mortgage rates have been moving in a narrow range for weeks. News of nagging inflation and the Middle East impasse are pushing bond yields higher while 30-year mortgage rates struggle to stay below 6.5%. What does that mean for the 2026 housing market?
As of May 14, Freddie Mac reported that the average 30-year fixed-rate mortgage rate was 6.36%. This is just one basis point lower than last week. In early May 2025, mortgage rates averaged 6.81%.
The average 15-year fixed mortgage rate this week is 5.71%. This is also one basis point lower than last week, and 21 basis points lower than this time last year.
Here’s the Freddie Mac data on mortgage rates for the past 52 weeks as of May 14, 2026:
30-year fixed-rate mortgage: 5.98% to 6.89%
15-year fixed-rate mortgage: 5.35% to 6.03%
Will mortgage rates trend down in 2026?
Mortgage rates move in unison with the bond market. The 10-year Treasury yield is topping a six-week high, and home loan rates are likely to follow unless the higher momentum is broken.
"Even with the recent spike in mortgage rates, buyers who waited out last year’s market are entering on slightly better terms this spring, with more options, improved affordability and a little more time to decide,” Mischa Fisher, chief economist for the Zillow Group, said in an analysis.
Danielle Hale, chief economist at Realtor.com, expects mortgage rates to mirror expectations for Middle East peace.
"Despite the key decisions and upcoming leadership transition for the Fed, geopolitics is likely to be the bigger driver of mortgage rates in the near-term. For buyers and sellers hoping for favorable financing while making a move, a reduction in tension is likely to result in lower rates," Hale said in a release.
The latest forecasts from industry analysts at the Mortgage Bankers Association and Fannie Mae expect mortgage rates to remain in the low-6% range through 2027.
The Fed is unlikely to play a role this year
The Federal Reserve lowered the fed funds rate three times in 2025, but the central bank kept the rate unchanged at its first three meetings of 2026, including its most recent on April 29. So, what does this mean for mortgage rates in the upcoming year?
That federal funds rate tends to directly influence rates on shorter-term lending. While mortgage rates aren’t directly based on the fed funds rate, they typically mirror fed fund rate trends. So, if the fed funds rate goes down, mortgage rates will likely follow. The inverse is also true.
When people anticipate a fed funds rate cut, mortgage rates usually fall in the weeks leading up to the meeting. However, home loan rates don’t necessarily continue to decrease after a fed funds rate cut.
In 2024, mortgage rates plummeted throughout August and early September as people expected the Fed to lower its rate at the bank’s September meeting. But mortgage rates stopped decreasing significantly after this meeting — and after the two additional rate cuts later that year.
The same thing happened in 2025. Mortgage rates gradually declined in the weeks leading up to the September meeting when people expected the Fed to lower its rate, and even though the fed funds rate did go down, mortgage rates bounced back up.
The Fed — the common nickname for the Federal Open Market Committee (FOMC) —hasn't lowered the fed funds rate so far in 2026, and is considering its options for the balance of the year. At this point, Wall Street traders aren't expecting another rate cut this year and there's no consensus on when in 2027 the Fed might make a move.
Keep an eye on 10-year Treasury yields
While short-term lending rates closely follow the fed funds rate, mortgage rates more closely follow the 10-year Treasury yield. As of May 13, the 10-year Treasury yield closed at 4.48% — compared to 4.45% a year prior.
Now, you’re probably wondering why today’s mortgage rates aren’t in the 4% range, right?
To determine current mortgage rates, lenders add a “spread” to the 10-year Treasury yield. The spread is simply the difference between the rates consumers pay and the rate on the 10-year Treasury. Without getting too much into the weeds, charging a spread helps mortgage lenders cover costs associated with making loans to the public and the risk of providing such loans.
For example, the average 30-year fixed mortgage rate is 6.36%, and the 10-year Treasury yield is 4.48% — a spread of 1.88 percentage points. A year ago, the 30-year rate was 6.81%, and the 10-year yield was 4.45%, resulting in a spread of 2.36 percentage points. Today’s spread is smaller, which is one reason mortgage rates are slightly lower now.
Follow these 8 tips to get the lowest mortgage rates
Should you wait to buy until mortgage rates go down even more?
In short, no. You shouldn’t necessarily wait to buy a home until mortgage rates drop below 6% or lower. Mortgage rates are just one part of the affordability equation. You also have to consider home prices, a factor of housing supply and demand
The current housing market is in a crunch. To put it simply, buyers outnumber homes for sale, especially homes in price ranges accessible to the first-time home buyer. When supply and demand are out of balance like this, home prices tend to remain high since sellers know they’ll have multiple buyers interested.
According to data from the Federal Reserve Bank of St. Louis, the median sale price of single-family homes has mostly trended upward since Q1 of 2009. At that time, the median sale price was $208,400. The median price had risen to $405,300 by Q4 2025.
Even in the event of a recession, prospective buyers likely won’t see much relief. If interest rates drop like they tend to do in recessions, that will increase the number of people looking to buy and lock in a lower interest rate. That drives up demand for the already limited supply of homes.
To truly save, buyers need both interest rates and home prices to drop. Mortgage rates are inching down, and housing prices are stagnant or even lowering in certain parts of the country. Situations may be improving for buyers.
Strateges for buyers in today’s mortgage market
If you crave the comforts of homeownership, the best strategy in today’s market may be to buy what you can afford. Whether that means a smaller house or a condo instead of a single-family home, owning something puts you in a position to start building equity.
Yes, shopping for the best mortgage lenderswith low rates and fees is crucial when getting a mortgage. But to help you find your ideal home that balances affordability and desirability, it pays to adopt a curious mindset and consider lesser-discussed financial tools.
Get curious
There’s no better time to learn more about your local real estate market than today. By adopting a sense of curiosity, you could discover that your city has more to offer housing-wise than you previously thought.
You may want to take weekend excursions to lesser-known neighborhoods and suburban developments beyond the city limits. You never know what you’ll find that could expand your idea of what “home” looks like — including new developments, school districts, and types of homes.
Consider a fixer-upper
If you’re looking to spend less on a home in today’s mortgage market, a house needing a bit of TLC could help you do just that. Loans like the FHA 203(k) mortgage can roll your purchase and renovation costs into one convenient loan. When you qualify and have an accepted offer, your lender immediately funds the home’s purchase price and puts the cost of renovations into an escrow account. As you make repairs, funds get dispersed.
Rethink your commute
How would it feel to have a longer commute yet come home to a house you love? Master-planned communities tend to crop up outside major cities, offering various amenities like parks, shopping, and top-notch schools — all in exchange for a longer commute. These areas could look a lot more palatable if they offer commuting options like park-and-ride or commuter rail. Dare to consider parking the car and taking public transit if it could get you into the home of your dreams.
Go condo
While shared walls, floors, and ceilings might not immediately scream “dream home,” they could help you find an affordable home in a terrific area. Condominiums come in various shapes and sizes, from apartment-style flats to townhomes. Depending on the area, you might even score a small backyard. However, be sure to consider HOA fees when calculating your monthly payment.
Consider a 15-year mortgage
While the monthly payment on a 15-year mortgage will be higher than the typical 30-year, these loans have plenty of upsides. Not only will you pay off your home on a speedier timeline, but you’ll also likely score a lower interest rate and save a ton on interest over the life of your loan.
Explore rate buydowns
To make today’s mortgage rates more palatable, look into rate buydown options. An interest rate buydown lets you pay cash up front in exchange for a reduced interest rate on your mortgage. Buydowns can be permanent or temporary, like for your loan's first one to three years. Even a few years of lower rate relief can make today’s home prices more affordable.
When will mortgage rates go down? FAQs
How soon will mortgage interest rates go down?
Expert opinions differ on what mortgage rates will do over the next year or so. Fannie Mae’s April Housing Forecast puts the 30-year fixed rate at 6.1% by the end of 2026 and predicts average rates to remain near 6.1% through 2027.
Is 7% a high mortgage rate?
Compared to historical mortgage rates, 7% isn’t considered a high rate. While it might be high compared to pandemic-era rates that were sub-3%, it’s on par with mortgage rates in the 1990s and considerably lower than the double-digit rates seen in the late 1970s and early 1980s.
Is it impossible to get a 3% interest rate on a mortgage?
It’s not impossible to get a 3% interest rate, but doing so requires the perfect set of circumstances. You’d need to find a homeowner with an assumable mortgage — one that can be passed to a new owner at the same interest rate as the original loan. Assumable mortgages are generally government-backed loans from agencies like the VA, FHA, or USDA.
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