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New List Deems New Jersey with Highest Foreclosure Rates

Owning a home has its many costs. Even for homeowners without a mortgage, the steadily increasing cost of property and state taxes has even made living in a paid off home a financially difficult task for many. Just last year, over one in 142 homeowners faced foreclosure for a variety of reasons. A new study by real estate and property data aggregator ATTOM Data Solutions and 247 Wall St has ranked the 50 states by their foreclosure rates. These rates are tied to various factors like income, state home values, and state economy. The top 10 states with the highest foreclosure rates are:

1. New Jersey
Foreclosure rate: 1 in every 54 (the highest)
Homes in foreclosure as of 2016: 66,592 (3rd most)
Average property value: $322,600 (4th highest)
Five-year home value change: 3.0% (6th smallest increase)

2. Delaware
Foreclosure rate: 1 in every 66 (2nd highest)
Homes in foreclosure as of 2016: 6,190 (17th fewest)
Average property value: $240,200 (15th highest)
Five-year home value change: 4.2% (15th smallest increase)

3. Maryland
Foreclosure rate: 1 in every 73 (3rd highest)
Homes in foreclosure as of 2016: 32,988 (9th most)
Average property value: $299,800 (5th highest)
Five-year home value change: 3.9% (13th smallest increase)

4. Florida
Foreclosure rate: 1 in every 85 (4th highest)
Homes in foreclosure as of 2016: 106,901 (the most)
Average property value: $179,800 (25th lowest)
Five-year home value change: 10.5% (4th largest increase)

5. Illinois
Foreclosure rate: 1 in every 91 (5th highest)
Homes in foreclosure as of 2016: 58,197 (5th most)
Average property value: $180,300 (tied-24th highest)
Five-year home value change: 4.9% (17th smallest increase)

6. Nevada
Foreclosure rate: 1 in every 92 (6th highest)
Homes in foreclosure as of 2016: 12,872 (24th most)
Average property value: $221,400 (18th highest)
Five-year home value change: 15.3% (the largest increase)

7. South Carolina
Foreclosure rate: 1 in every 109 (7th highest)
Homes in foreclosure as of 2016: 19,784 (15th most)
Average property value: $148,600 (14th lowest)
Five-year home value change: 6.1% (24th largest increase)

8. Connecticut
Foreclosure rate: 1 in every 109 (8th highest)
Homes in foreclosure as of 2016: 13,621 (22nd most)
Average property value: $270,900 (9th highest)
Five-year home value change: 1.4% (the smallest increase)

9. Ohio
Foreclosure rate: 1 in every 112 (9th highest)
Homes in foreclosure as of 2016: 45,801 (7th most)
Average property value: $136,400 (9th lowest)
Five-year home value change: 5.7% (23rd smallest increase)

10. New Mexico
Foreclosure rate: 1 in every 128 (10th highest)
Homes in foreclosure as of 2016: 7,099 (20th fewest)
Average property value: $164,100 (21st lowest)
Five-year home value change: 3.6% (11th smallest increase)

 

These numbers can be extremely discouraging to any homeowner, especially those who may be facing foreclosure. But if there’s any takeaway from this data, it’s that foreclosure is a national problem that is affecting many. Because it’s so prevalent, it means that there is time to explore options to avoid foreclosure. Many homeowners are unaware of many different routes they could take to avoid foreclosure, like taking out a reverse mortgage or performing a short sale.

If you are facing foreclosure and seeking different options, speak with a real estate lawyer who could help. Contact the law offices of Joel R. Spivack today by calling 856-861-6203 or contact online to discuss different options.