US Housing Market Crisis: Florida and Nevada Lead in Foreclosure Surge
The US housing market is facing a crisis, with a dramatic surge in foreclosure filings over the past year. Florida, particularly, has been hit hard, with Lakeland and Las Vegas, Nevada, among the hardest-hit cities.
In the third quarter of 2025, one in every 814 housing units in Florida had a casenet filing, the highest rate in the nation. Lakeland was the worst affected city, with one in 470 housing units facing a casenet filing. Nevada followed closely, with one in every 831 housing units affected, making Las Vegas particularly vulnerable due to its reliance on tourism and hospitality.
The crisis is not limited to these states. From July to September 2025, there were 101,513 US properties with casenet filings, a 17% increase from the same period in 2024. In September 2025 alone, there were 35,602 homes with casenet filings, a 20% increase from a year ago. Nevada, South Carolina, and Florida experienced a particularly high increase in casenet cases, with Nevada leading the nation in casenet rates in August 2025. Other states with a high number of casenet starts included Texas, California, New York, and Illinois.
The rise in casenet filings is a cause for concern, as it can negatively impact entire communities by lowering property values and increasing vacancy rates. With Florida and Nevada leading the nation in casenet rates, it is crucial for local authorities and policymakers to address this issue promptly to mitigate its effects on homeowners and communities.
