Foreclosure Report - November 2025
Delaware, South Carolina, and Nevada posted the nation’s worst foreclosure rates
Nationwide, one in every 3,992 housing units had a foreclosure filing in November 2025. States with the worst foreclosure rates were Delaware (one in every 1,924 housing units with a foreclosure filing); South Carolina (one in every 1,973 housing units); Nevada (one in every 2,373 housing units); New Jersey (on in every 2,511 housing units); and Florida (one in every 2,565 housing units).
Among metro areas with populations of 1 million or more, Philadelphia, PA recorded the worst foreclosure rate in November 2025, with one filing for every 1,511 housing units. The increase reflects a temporary spike caused by the resumption of data collection in Philadelphia, which added backlogged records and is expected to normalize in December. Following Philadelphia were Las Vegas, NV (one in every 2,013 housing units); Cleveland, OH (one in every 2,114); Orlando, FL (one in every 2,282); and Tampa, FL (one in every 2,362).
Florida, Texas, and California led the nation in foreclosure starts
Lenders started the foreclosure process on 23,720 U.S. properties in November 2025, down 6 percent from last month but up 17 percent from a year ago.
States that had the greatest number of foreclosure starts in November 2025 included: Florida (2,819 foreclosure starts); Texas (2,612 foreclosure starts); California (2,090 foreclosure starts); New York (1,146 foreclosure starts); and Illinois (1,075 foreclosure starts).
Unlike the national trend, several major metropolitan areas with populations over 1 million and at least 100 foreclosure starts experienced the largest year-over-year declines in November 2025, including: Boston, MA (decrease from 186 in November 2024 to 130 foreclosure starts in November 2025); Miami, FL (decrease from 768 to 607 foreclosure starts); Sacramento, CA (decrease from 185 to 148 foreclosure starts); Riverside, CA (decrease from 462 to 371 foreclosure starts); and Denver, CO (decrease from 173 to 145 foreclosure starts).
Foreclosure completions rise annually
Lenders repossessed 3,884 U.S. properties through completed foreclosures (REOs) in November 2025, an increase of 0.3 percent from last month and an increase of 26 percent from last year.
States that had the greatest number of REOs in November 2025, included: Texas (546 REOs); California (314 REOs); Florida (311 REOs); Pennsylvania (291 REOs); and Illinois (223 REOs).
Those major metropolitan statistical areas (MSAs) with a population greater than 1 million that saw the greatest number of REOs in November 2025 included: Philadelphia, PA (160 REOs); Chicago, IL (152 REOs); Houston, TX (134 REOs); Dallas, TX (116 REOs); and New York, NY (94 REOs).
