The foreclosure auction sales rate slowed in Q4 2025, falling 7% from the previous quarter and 15% from a year ago to reach a 23-quarter low. Foreclosure auction buyers paid an average of 67.4% of the estimated value, up from 66.2% the third quarter. Foreclosure properties brought to auction rose 48% year over year to a 23-quarter high. Properties backed by Federal Housing Administration loans rose 56%, with conventional loans (+33%), private loans (+12%) and U.S. Department of Agriculture loans (10%) following. Foreclosure auction pricing rose, widening the bid-ask spread and contributing to a drop in the sales rate.