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Property foreclosures rose sharply in the U.S. in October (CNBC).

What’s going on: “Foreclosure starts, which are the initial phase of the process, rose 6% for the month and were 20% higher than the year before. Completed foreclosures, the final phase, jumped 32% year over year.

• Foreclosure filings in general were 3% higher in October than in September and 19% higher than they were in October 2024.
• Completed foreclosures increased 32% year over year.

However … At the height of the Great Recession, some 4% of U.S. mortgages were in foreclosure.

• But “[t]oday, less than 0.5% are in foreclosure, well below the historic average of between 1% and 1.5%.”

Where it’s happening: Florida, South Carolina and Illinois had the most foreclosure filings in the nation last month.

• Texas, California and Florida led in completed foreclosures.

Home prices and mortgage rates: While home prices are “easing,” they’re still elevated, and despite several recent cuts by the Federal Reserve, mortgage rates remain “within a percentage point of their recent highs.”