10 U.S. Housing Markets Rocked by Foreclosures

10 U.S. Housing Markets Rocked by Foreclosures

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Nowadays, more Americans are choosing to rent out a place rather than get a place of their own. That’s not surprising given the latest 2015 U.S. Foreclosure Market Report of RealtyTrac, the nation’s leading source of comprehensive housing data.

Studies show that there is a total of 327,258 U.S. properties with foreclosure filings. Filings include default notices, scheduled auctions, and bank repossessions. And these 10 states are being rocked by foreclosures the most.

10. North Carolina

North Carolina is the 9th most populous state and now the 10th when it comes to highest foreclosure rates with 1 in every 378 filed for foreclosure. The rate has grown 7% compared to the Q3 of 2014. Currently, there are 11,496 properties with foreclosure filings across its 100 counties.

9. Indiana

Indiana is not among the top 10 most populated states in the U.S. but now ranks 9th in highest foreclosure rates with 1 in every 353 houses for Q3 of 2015. There has been a decrease of around 7% compared to 2014, but there are currently 7,940 properties filed for foreclosure.

8. Ohio

Ohio is the 7th most populous state in the U.S. It is also now ranked 8th highest when it comes to foreclosure rates with 1 in every 334 houses being foreclosed. Unemployment rates are decreasing throughout the state, however, there are currently 7,940 properties with foreclosure filings in the state of Ohio.

7. New Mexico

New Mexico may be the “Land of Enchantment” but it seems it is losing its charm being the 7th highest when it comes to foreclosure rates for this year. One in every 322 properties is being filed for foreclosure. Albuquerque, New Mexico has one of the highest metro foreclosure rates with 1 in every 181 properties filed for foreclosure. Total properties listed for foreclosure are 2,800 reflecting a 138% increase from 2014.

6. South Carolina

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South Carolina is a state known for its shoreline of subtropical beaches and marshlike sea islands. It even features a 60-mile stretch of beachfront up north. Ideally, it offers a beautiful location for properties, but now has the 6th highest foreclosure rate at 1 in every 311 properties. There are 6,889 total properties with foreclosure to this date, despite being only the 24th most populous state.

5. Illinois

Illinois is the 5th most populous state and the 25th largest state in land area. It is now also ranked fifth highest in foreclosure rates, even with the 5% decline versus last year. That is not surprising given the total number of properties – 18,856 – filed for foreclosure. Illinois’ foreclosure rate is now 1 in every 281 properties.

4. Maryland

Maryland is nicknamed the “Free State of the Nation”. However, property owners may not seem free nowadays due to its high foreclosure rate of 1 in every 220 properties. Maryland still ranks 4th among all U.S. states despite having only 1,058 properties with foreclosure filings and nearly a 7% year-over-year decrease in foreclosure activity.

3. Nevada

Nevada may be largely covered in desert area but it still has the 3rd highest foreclosure rate for Q3 of 2015. There are a total of 6,066 properties with foreclosure filing resulting to an increase of 13 percent compared to last year. Bank repossessions in Nevada are also alarmingly high with an increase of 255 percent compared to last year.

Better not to gamble with housing in Nevada these days.

2. Florida

Florida is the Sunshine State but not everything is shining brightly anymore as Florida is the state with the nation’s 2nd highest foreclosure rate. One in every 186 housing units is being filed for foreclosure. Despite the foreclosure decreasing 28 percent, there are still 48,462 properties with a foreclosure filing. Bank repossessions even increased 34 percent from last year.

The Sunshine State’s housing market is not looking bright these days.

1. New Jersey

New Jersey may be the 4th smallest state in the U.S. but it is the most densely populated of all of them. It has now also registered the top foreclosure rate with an increase of 27 percent. One in every 171 properties is listed for foreclosure. This is more than twice the national average of one in every 404 properties. Bank repossession jumped 352 percent! New Jersey now has 20,812 total properties filed for foreclosure.

The Garden State is becoming too urban for comfort.

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