While foreclosure rates have been consistently dropping over the last several years, there are still a number of states that are dealing with residential foreclosures on a fairly regular basis. Across the United States, foreclosures are distributed pretty evenly between pre-foreclosures (35.6%), auction (42.2%), and bank-owned (22.2%). As of April 2018, the national foreclosure rate was 1 in every 2,058 housing units. Fortunately, foreclosure activity throughout the country has dropped by about 19 percent in the first quarter, keeping up with the trend of continual decreases and staying below pre-recession levels.
Recent reporting highlights a total of 74,341 properties in the U.S. with foreclosure filing in the month of March 2018. The following states have the highest current foreclosure rates:
- Delaware
- New Jersey
- Maryland
- Connecticut
- Illinois
- Ohio
- South Carolina
- New Mexico
- Florida
- New York
- North Carolina
- Indiana
- Massachusetts
- Rhode Island
- Oklahoma
Even though some of these states are dealing with higher-than-average foreclosure rates, the good news in that the overall rates are dropping nationally. As the economy continues to improve compared to pre-recession levels, the foreclosure rates will continue to decline. If you are facing foreclosure or want to prevent foreclosure, our firm can explain your options and represent you in legal proceedings. We can help with procedural review, foreclosure appeals, private investor solutions, real estate sales and closing assistance, post sale representation, and buy-back negotiations.
Comments are closed.