Foreclosure Rates Are The Highest In These 10 States And It Shows The Housing Crisis Is Far From Over

Foreclosure rates are on a downward trend on average throughout the United States. Yet, some states continue to struggle with property owners defaulting on their loans. It’s also proof that the financial crisis is far from over. 

It seems like homeowners don’t seek the help they need when a personal financial crisis begins. There are a plethora of ways to help homeowners at the beginning of a crisis. However, those options rapidly dwindle as time goes and they do nothing. 

Homeowners do nothing for multiple reasons and it is usually due to arrogance. This sense of arrogance is especially relevant in suburbia and it’s what drives up the foreclosure rates. Homeowners in foreclosure are usually broken into two groups.

First, a lot of homeowners are in denial and stay in denial until they get served with an eviction notice. As a result of their denial, it is usually too late to do anything.

There is the second group of people who are under the false belief that they can drag out a foreclosure indefinitely. They believe they can play DIY lawyer and file nonsensical filings as pro-se litigants with the court. These people are also the most dangerous because they believe they can pull legal tricks they learned from idiots on the internet. They also tend to piss off judges and end up setting a bad legal precedent. Consequently, this bad precedence screws other homeowners in foreclosure.

Foreclosure Rates Are The Highest In These 10 States

There were 676,535 foreclosure filings in 2017. This is a 27% decline from 2016. It is also a 76% drop from a high of 2.9 million in 2010. Furthermore, it is also the lowest foreclosure rate since 2005.

Bankrate.com went behind the numbers and concluded the following states had the highest foreclosure rates in the nation:

1. New York

Foreclosure Rate: 1 in every 1,672 housing units.

2. Florida

Foreclosure Rate: 1 in every 1,559 housing units.

3. New Mexico

Foreclosure Rate: 1 in every 1,508 housing units.

4. South Carolina

Foreclosure Rate: 1 in every 1,409 housing units.

5. Ohio

Foreclosure Rate: 1 in every 1,375 housing units.

6. Illinois

Foreclosure Rate: 1 in every 1,375 housing units.

7. Connecticut

Foreclosure Rate: 1 in every 1,286 housing units.

8. Maryland

Foreclosure Rate: 1 in every 1,117 housing units.

9. New Jersey

Foreclosure Rate: 1 in every 788 housing units.

10. Delaware

Foreclosure rate: 1 in every 744 housing units.