Foreclosure markets move in stages. First come early filings. Then come the auctions. And when auction volume rises, it signals one thing clearly: Distress is maturing, and opportunities for investors may be expanding.
November’s foreclosure data tells an important story. While Foreclosure Starts cooled across much of the country, Notices of Sale surged 27.93% year over year, signaling that a large wave of properties is now entering the auction phase of the foreclosure pipeline.
For investors who buy at trustee sales, courthouse auctions, or pre-auction negotiations, the Notice of Sale stage is one of the most decisive points in the process. It compresses timelines, accelerates decision-making, and often reveals where future REO inventory will appear if properties fail to sell on courthouse steps.
This month, the numbers—especially county-level shifts—highlight where auctions are heating up, where they’re cooling, and what that means for investors entering the end of 2025.
National Auctions Push Higher While States Diverge
In November 2025, the U.S. recorded 17,402 Notices of Sale, up 2.38% month over month and 27.93% year over year.
This upward movement is meaningful. Even though October saw a temporary decline, November’s increase reinforces a broader trend: 2025 is ending with more auctions and more properties moving deeper into foreclosure compared to 2024. But the national averages mask big differences across states.
State-Level Auction Performance: Five Key Markets
1. Florida
- 800 Notices of Sale
- ?41.63% MoM
- Still +17.30% YoY
Florida recorded the steepest MoM decline of all major states. But the YoY increase keeps it above 2024 levels. Auctions slowed dramatically—likely due to October’s backlog.
2. California
- 1,130 Notices of Sale
- ?10.09% MoM
- +7.93% YoY
California’s auction activity cooled slightly compared to October, but remains higher than last year.
3. Ohio
- 490 Notices of Sale
- ?2.45% MoM
- +25% YoY
Ohio continues its steady upward march, consistent with its long-term trend of ongoing pipeline normalization.
4. North Carolina
- 534 Notices of Sale
- +35.39% MoM
- +92.09% YoY
This is the auction story of the month. North Carolina saw massive increases both monthly and annually.
5. Texas
- 2,612 Notices of Sale
- ?18.03% MoM
- +2.75% YoY
Texas dipped month over month, but remains one of the highest-volume foreclosure auction states in the country.
Why Notices of Sale Matter So Much
For investors, the Notice of Sale stage provides visibility into both timing and opportunity.
1. Auction timing becomes predictable
Once a Notice of Sale is issued, the property is typically scheduled for auction within three to six weeks, depending on state law. This creates a clear runway for:
- Due diligence.
- Funding decisions.
- Bidding strategy.
- Partner alignment.
- IRA or Solo 401(k) preparation for non-recourse financing.
2. Properties become more actionable
Unlike early-stage filings, which may cure or be resolved through modification, auction-stage properties are far more likely to change hands—either at the sale or shortly after as an REO.
3. Investors get first access to distressed assets
Buying at auction often means:
- Lower acquisition prices.
- Less competition than retail listings.
- More margin for BRRRR, flip, or long-term rental strategies.
4. Auctions signal future REO supply
When auction numbers spike, REO inventory typically grows 60 to 120 days later. Tracking NOS activity helps investors anticipate supply before it hits the MLS.
County-Level Insights: Where Auctions Are Heating Up or Cooling Down
Under Option C, we focus only on the most meaningful and statistically significant county-level moves—the ones that help investors understand where the action is happening.
Florida: Big auction pullbacks in the counties that matter
The statewide decline was driven by:
- Miami-Dade County: One of the steepest MoM drops in auction volume
- Broward County: Notable decline tied to October’s spike
- Lee County (Fort Myers): Also posted a sharp auction slowdown
But in contrast:
- Orange County (Orlando) saw a moderate increase in Notice of Sale filings, suggesting localized pressure.
Investor insight
Florida’s auction volume cooled dramatically, but key Central Florida ZIP codes still show rising pre-auction activity.
California: Slower auctions, but Inland Empire holds firm
Notable county-level shifts include:
- Los Angeles County: Meaningful MoM slowdown in auction postings
- Riverside County: Remained elevated despite the state’s decline
- San Bernardino County: Stable-to-rising NOS activity in several investor-heavy neighborhoods
Investor insight
California’s cooling is uneven; some Inland Empire markets are still quietly accelerating toward auction.
Ohio: Columbus leads the way
The most important county-level movement was in:
- Franklin County (Columbus): One of the strongest MoM increases in Notices of Sale
- Cuyahoga County (Cleveland): Posted a surprising slowdown despite historically high volume
- Hamilton County (Cincinnati): Stable, not signaling distress acceleration
Investor insight
Columbus continues to emerge as Ohio’s top pre-auction opportunity zone in Q4.
North Carolina: Massive auction injection
The state’s 35.39% MoM surge came primarily from:
- Mecklenburg County (Charlotte): One of the largest increases statewide
- Wake County (Raleigh): Rapid growth in trustee-sale scheduling
- Guilford County (Greensboro): Strong contribution to the YoY surge
Investor insight
North Carolina is moving through foreclosures faster than any other major state this month. This is a prime state for auction-focused investors.
Texas: Drop in volume, but one jaw-dropping spike
Despite a statewide decline, Texas still delivered one of the most dramatic county-level movements of the month:
- Harris County (Houston): Strong MoM drop in Notices of Sale
- Dallas & Tarrant Counties (DFW): Noticeable declines
- BUT: Bexar County (San Antonio): Posted one of the few MoM increases
Investor insight
Texas remains the fastest foreclosure pipeline in the country. Even during slow months, cases move quickly toward sale.
How Investors Can Use Notice of Sale Data
Auction-stage data is one of the most actionable foreclosure metrics. Here’s how investors can use it:
1. Build a county-level auction watch list
Identify counties where NOS filings accelerated this month:
- Charlotte
- Raleigh
- Columbus
- California Inland Empire ZIP codes
- Parts of Central Florida
These counties offer greater odds of finding auction inventory in the next 30 to 120 days.
2. Evaluate non-recourse loan timing (for IRA/401(k) investors)
Because auction dates are fixed, investors using self-directed retirement accounts can:
- Prequalify for non-recourse financing
- Prepare capital within tax-advantaged plans
- Structure cash offers in advance
3. Predict REO supply before it appears
Auctions that fail to produce a winning bid often become bank-owned. Rising Notices of Sale = rising future REOs.
4. Accelerate local market due diligence
Auction-rich markets require:
- Contractor availability.
- Property manager relationships.
- Title research efficiency.
- Local legal familiarity.
Tracking NOS data helps investors front-load their preparation.
Take Control of Your Investment Strategy
Auctions represent one of the most dynamic moments in the foreclosure process. They compress timelines, sharpen investor strategy, and reveal where motivated sellers—and lenders—are active.
If you want to deepen your understanding of foreclosure opportunities and explore how to use a Self-Directed IRA or Solo 401(k) to invest in real estate, learn more at: www.TrustETC.com/RealEstate
Equity Trust Company is a directed custodian and does not provide tax, legal, or investment advice. Any information communicated by Equity Trust is for educational purposes only, and should not be construed as tax, legal, or investment advice. Whenever making an investment decision, please consult with your tax attorney or financial professional.
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