Foreclosure Alert! These States Have The Highest Rate Of Foreclosures In the US So Far In 2022

Foreclosure Alert! It has been well over a decade since America’s foreclosure disaster. The primary cause was that too many Americans with poor credit were given variable-rate mortgages. Mortgage interest rates rose and many lost their jobs. As a result, they could not make monthly mortgage payments. Banks also faced defaults. Consequently, banks eventually owned tens of thousands of homes they could not manage. The foreclosure crisis caused entire neighborhoods to have vacant homes where people were pressured out by lenders.

Unfortunately, the foreclosure problem has returned. The ATTOM property analysis states foreclosure filings hit a post-pandemic high in the first quarter of 2022.

Foreclosures were at 78,271 for the first quarter of 2022. This is also a 39% from the previous quarter. In addition, it is also a 132% from the same period last year.

However, foreclosure activity is still 57% lower than it was in the first three months of 2020. Yet, the return to normal is rapidly approaching. Foreclosures have declined in the 12 months through March 2022 in only three states.

These are Alaska and the Dakotas. Foreclosure activity also jumped by well over 200% in five states. These include New York, New Jersey, Colorado, Nevada, and Michigan. Foreclosure activity also shot up nearly 500% in Nevada and Michigan. Nationwide, foreclosure activity also rose 135%.

Chicago, New York City, Los Angeles, Houston and Philadelphia had the greatest number of foreclosure filings. The highest ranking cities with populations under 200,000 were Cleveland, Atlantic City, Rockford, IL and Columbia, SC.

Three states also had homes with underwater mortgages that accounted for between 10% and 17%. This was the highest among states. Those states were Wyoming, Louisiana, and Mississippi 

Foreclosure Alert! The Top 5 States With The Highest Of Foreclosures For The Q1 Of 2022:

1. Illinois

• Foreclosure rate, 126.4 per 100,000 homes
• Chg. in foreclosure filings, Q1 2021 to Q1 2022: +178.4%
• Mortgages seriously underwater, Q1 2022: 7.2%
• Total housing units: 5,426,429 

2. New Jersey

• Foreclosure rate, 126.3 per 100,000 homes
• Chg. in foreclosure filings, Q1 2021 to Q1 2022: +311.8%
• Mortgages seriously underwater, Q1 2022: 2.9%
• Total housing units: 3,761,229

3. Ohio

• Foreclosure rate, Q1 2022: 100.9 per 100,000 homes
• Chg. in foreclosure filings, Q1 2021 to Q1 2022: +154.2%
• Mortgages seriously underwater, Q1 2022: 5.3%
• Total housing units: 5,242,524

4. South Carolina

• Foreclosure rate, Q1 2022: 92.5 per 100,000 homes
• Chg. in foreclosure filings, Q1 2021 to Q1 2022: +158.9%
• Mortgages seriously underwater, Q1 2022: 3.4%
• Total housing units: 2,344,963

5. Nevada

• Foreclosure rate, Q1 2022: 91.7 per 100,000 homes
• Chg. in foreclosure filings, Q1 2021 to Q1 2022: +487.5%
• Mortgages seriously underwater, Q1 2022: 1.2%
• Total housing units: 1,281,018

You Can Also Read More Foreclosure Stories At MFI-Miami.