A number of factors may be contributing to the rise, including an end to relief for FHA borrowers, the Department of Education resuming collection of defaulted student loans, and an increasing number of borrowers finding themselves underwater in their mortgages. There has also been a spike in foreclosures on loans backed by the Department of Veterans Affairs this year after a moratorium ended last December, though a recent law extending new protections for borrowers will likely temper this going forward.

Property prices are another issue that's proving to be a double-edged sword.

"While rising home prices are helping many owners maintain equity, the steady climb in filings suggests growing pressure in some markets," said Rob Barber, Attom's CEO, in a statement. 

Some borrowers are taking advantage of record-high equity to apply for HELOCs and cash-out refis. But for others, especially those with adjustable rate loans that are set to change soon, rising home values only add to the burden of the high property taxes and insurance premiums they've been bearing.

This may just be the beginning, too. Foreclosure starts were up 12% in July year-over-year, according to Attom. Data this week from ICE Mortgage Monitor found similar results, with the delinquency rate rising 15 basis points in June to 3.35%.

Where are we seeing the most foreclosures?

Nevada led the way with one out of every 2,326 housing units in foreclosure, while Florida was right behind with one in every 2,420 properties. Maryland, South Carolina, and Illinois rounded out the top five.

States in the South, West and Midwest saw the highest levels of foreclosure starts. Texas was the top, with lenders initiating foreclosure on 3,600 properties, while Florida and California saw about 2,800 foreclosure starts each. Illinois and Ohio trailed behind that.

Many of these areas have faced difficult housing markets this year. In Florida, condo sales are down as much as 30% in some areas, according to Redfin, a result of falling demand even as some owners try to unload their properties to avoid rising insurance and HOA costs. Texas and California have also seen softening – and in some places, falling – home prices. For instance, ICE found that home prices are down 2.1% in Dallas and more than 4% in Austin compared to a year ago.

More foreclosures also mean more auctions – though notably, not necessarily more bidders. In a report last month, Auction.com noted that even as auction activity ticked up, the number of sales actually fell to a 30-month low. This was due in part to wariness among buyers that the market had not yet reached its bottom and that prices could continue to fall in the near future.