Are we heading back into a foreclosure market?

There is a lot of uncertainty in the country right now.  The talk of tariffs, will the fed lower the rate, inflation, slowing of economy, unrest and unease....regardless of your personal thoughts on the topic, sometimes this is an indicator of things to come.
I "grew up" in real estate in the foreclosure market.  I started in real estate in 2003 as a secretary in a real estate office that was 90% foreclosures or REOs.  REO stands for Real Estate Owned, and it is another way to say "foreclosed".  
I learned a LOT during this time, and when the market crashed in 2008, we were in a full on recession...and there were a lot of foreclosures all over Northwest Indiana.  Not one town was safe.
It was a great time to be an investor or a cash buyer.  
One thing I have noticed more of lately (significantly a lot more of) in my world is the amount of BPO orders coming in from banks and servicers.  A BPO is a Broker Price Opinion, and it is commonly used in the lending industry for a variety of things (refis, bulk mortgage sales, removing pmi, etc).  During 2008-2010, I did at least one bpo/ day/ Monday thru Friday.  A BPO is a report a licensed broker completes that is similar to an appraisal, but a bit less complex than an actual appraisal.  The licensed real estate broker must comply with appraisal standards, but it is not an actual appraisal, and it can even be done without the owner of the property knowing, in some instances the banks just want a value based on driving by the property or viewing the exterior only.
Since I am noticing more BPO orders coming through my emails, I thought it would be a good idea to look at the current foreclosure inventory in Northwest Indiana.  We look at the actual active listings, the REALIST temperature map, and I even dive into the current and future Sheriff Sales in Lake County.
For August 2025, it appears the numbers are still low, which indicates there are not a lot of foreclosures at the moment.  
Let's keep tracking this and see if we notice any changes or trending patterns.
Lisa