ATTOM, a leading curator of land, property, and real estate data, today released its July 2023 U.S. Foreclosure Market Report, which shows there were a total of 31,877 U.S. properties with foreclosure filings — default notices, scheduled auctions or bank repossessions — down 9 percent from a month ago but up 5 percent from a year ago.
“With home prices back up, several factors have combined to put more financial resources in the hands of homeowners, providing more options to avoid foreclosure. However, given with the U.S. housing market remains in flux, the various forces at play could keep the market improving or turn it back downward over the coming months.”
After a period of historic lows, foreclosure rates in the U.S. are once again on the rise. According to property data provider ATTOM , the number of housing units with foreclosure filings in August was 33,952, a nearly 2% increase from the previous year. The expiration of COVID-era government initiatives such as foreclosure moratoriums and loan forbearance has had a serious impact on this increase in numbers, leaving many homeowners without recourse.
With the U.S. median home price hovering around $406,700, home ownership is becoming increasingly challenging for new buyers and existing owners alike. Experts believe that high mortgage interest rates are worsening the crisis, with the interest rate for a 30-year fixed mortgage lingering near 7.18% as of September 14th. This represents a week-over-week increase of 0.06% and a year-over-year increase of 1.29%.
The Federal Reserve has been raising interest rates to battle inflation, but these hikes are also causing mortgage rates to rise, making it more expensive to finance a home or refinance an existing mortgage. Borrowers should stay up to date on their mortgage payments and work closely with their lenders to explore options for assistance if needed.
FORECLOSURE RATES STATE BY STATE
District of Columbia
Ranking in population between Vermont and Alaska, the country’s second-and-third-least populous states, Washington, D.C. observed 73 foreclosures in August, down 39% from the previous month. With a total of 344,306 housing units, the foreclosure rate of the Nation’s Capital was one in every 4,717 households, putting it in between the states of Texas (#20) and Alaska (#21).
50. Vermont
In 49th place for population, the Green Mountain State ranked 50th yet again for its foreclosure rate this month. Of the state’s 333,519 housing units, five homes went into foreclosure at a rate of one in every 66,704 households. Only four counties in Vermont saw foreclosures. The counties with the most foreclosures per housing unit were (from highest to lowest): Windsor, Addison, Windham, and Washington.
49. South Dakota
The Mount Rushmore State nabbed the 49th spot for its foreclosure rate once again. Having 388,373 total housing units, the fifth-least populous state had a foreclosure rate of one in every 35,307 households with 11 foreclosures. Only four counties in South Dakota saw foreclosures. The counties with the most foreclosures per housing unit were (from highest to lowest): Pennington, Minnehaha, Brown, and Lincoln.
48. Montana
Listed as 44th in population, the Treasure State rated 48th for highest foreclosure rate this month. With 29 foreclosures out of 512,553 housing units, Montana’s foreclosure rate was one in every 17,674 homes. The counties with the most foreclosures per housing unit were (from highest to lowest): Sweet Grass, Dawson, Sanders, Hill, and Lincoln.
47. Kansas
The Sunflower State ranked 47th for highest foreclosure rate in August. With 1,272,290 homes and a total of 97 housing units going into foreclosure, the 35th most populous state’s foreclosure rate was one in every 13,116 households. The counties with the most foreclosures per housing unit were (from highest to lowest): Sherman, Republic, Geary, Scott, and Pottawatomie.
46. Wyoming
The country’s least populous state claimed the 46th spot for highest foreclosure rate this month. With 271,818 housing units, of which 21 went into foreclosure, the Equality State’s foreclosure rate was one in every 12,944 households. The counties with the most foreclosures per housing unit were (from highest to lowest): Weston, Sheridan, Campbell, Sweetwater, and Converse.
45. Rhode Island
The eighth-least populous state placed 45th for highest foreclosure rate in August. A total of 39 homes went into foreclosure out of 481,168 total housing units, making the foreclosure rate for the Ocean State one in every 12,338 households. The counties with the most foreclosures per housing unit were (from highest to lowest): Providence, Kent, Bristol, Newport, and Washington.
44. Washington
Sorted as 13th in population, the Evergreen State ranked 44th for highest foreclosure rate. Of its 3,170,695 housing units, 272 went into foreclosure, making the state’s foreclosure rate one in every 11,657 households. The counties with the most foreclosures per housing unit were (from highest to lowest): Grays Harbor, Cowlitz, Lewis, Clark, and Mason.
43. North Dakota
The Peace Garden State’s foreclosure rate was one in every 11,215 homes. This puts the fourth-least populous state — with 370,111 housing units and 33 foreclosures — in 43rd place. The counties with the most foreclosures per housing unit were (from highest to lowest): Mercer, Ward, Stutsman, Barnes, and Morton.
42. Maine
Ranked 42nd in population, the Pine Tree State also placed 42nd for highest foreclosure rate in August. With a total of 737,782 housing units, Maine saw 71 foreclosures for a foreclosure rate of one in every 10,391 homes. The counties with the most foreclosures per housing unit were (from highest to lowest): Waldo, Somerset, Androscoggin, Sagadahoc, and Oxford.
41. West Virginia
Ranked 39th in population, the Mountain State claimed the 41st spot this month. It has a total of 859,437 housing units, of which 88 went into foreclosure. This means that the foreclosure rate was one in every 9,766 homes. The counties with the most foreclosures per housing unit were (from highest to lowest): Kanawha, Pendleton, Cabell, Tyler, and Berkeley.
40. Wisconsin
With 295 foreclosures out of 2,718,369 total housing units, America’s Dairyland and the 20th most populous state secured the 40th spot with a foreclosure rate of one in every 9,215 households. The counties with the most foreclosures per housing unit were (from highest to lowest): Pepin, Taylor, Manitowoc, Iron, and Richland.
39. Oregon
The 27th most populous state ranked 39th for highest foreclosure rate in August. Of the Pacific Wonderland’s 1,798,864 homes, 207 went into foreclosure, making for a foreclosure rate of one in every 8,690 homes. The counties with the most foreclosures per housing unit were (from highest to lowest): Wheeler, Yamhill, Douglas, Lake, and Josephine.
38. Kentucky
With a total of 1,988,420 housing units, the Bluegrass State saw 234 homes go into foreclosure, thus landing in 38th place this month. This puts the foreclosure rate for the 26th most populous state at one in every 8,498 households. The counties with the most foreclosures per housing unit were (from highest to lowest): Webster, Hardin, Hart, Boyd, and Shelby.
37. Colorado
The 21st most populous state ranked 37th for highest foreclosure rate in August. Of the Centennial State’s 2,454,873 housing units, 291 went into foreclosure, making for a foreclosure rate of one in every 8,436 homes. The counties with the most foreclosures per housing unit were (from highest to lowest): Cheyenne, Morgan, Bent, Pueblo, and Fremont.
36. Mississippi
Ranked 34th in population, the Magnolia State experienced 170 foreclosures out of 1,317,375 total housing units. This puts the foreclosure rate at one in every 7,749 homes and into the 36th spot this month. The counties with the most foreclosures per housing unit were (from highest to lowest): Copiah, Coahoma, Chickasaw, Pike, and Perry.
35. Arkansas
Listed as the 33rd most populous state, the Land of Opportunity ranked 35th for highest foreclosure rate for the second month in a row. The state contains 1,361,880 housing units, of which 180 went into foreclosure, making its latest foreclosure rate one in every 7,566 households. The counties with the most foreclosures per housing unit were (from highest to lowest): Cleveland, Poinsett, Arkansas, Clay, and Lawrence.
34. Missouri
Coming in at 19th in population, the Show-Me State once again took the 34th spot for highest foreclosure rate. Of its 2,782,081 homes, 392 went into foreclosure, making for a foreclosure rate of one in every 7,097 homes. The counties with the most foreclosures per housing unit were (from highest to lowest): Ripley, Webster, Montgomery, Knox, and Oregon.
33. New Hampshire
The Granite State, and the 41st most populous state in the U.S., ranked 33rd for highest foreclosure rate. New Hampshire saw 93 of its 636,480 homes go into foreclosure, making for a foreclosure rate of one in every 6,844 households. The counties with the most foreclosures per housing unit were (from highest to lowest): Coos, Sullivan, Carroll, Hillsborough, and Rockingham.
32. Hawaii
The Paradise of the Pacific, and the 40th most populous state, came in 32nd for highest foreclosure rate in August. Of its 556,937 homes, 86 went into foreclosure, making for a foreclosure rate of one in every 6,476 households. Only four of the five counties in the state saw foreclosures. They were (from highest to lowest): Hawaii, Honolulu, Kauai, and Maui.
31. Tennessee
Ranked 16th in population, the Volunteer State endured 465 foreclosures out of its 3,011,124 housing units. This puts the foreclosure rate at one in every 6,476 households and in 31st place this month. The counties with the most foreclosures per housing unit were (from highest to lowest): Houston, Hardeman, Claiborne, Henderson, and Macon.
30. Idaho
Ranked 38th in population, the Gem State received the 30th spot due to its 117 housing units that went into foreclosure this month. With 742,145 total housing units, the state’s foreclosure rate was one in every 6,343 households. The counties with the most foreclosures per housing unit were (from highest to lowest): Clark, Washington, Lewis, Lincoln, and Franklin.
29. New Mexico
The 36th most populous state claimed the 29th spot for highest foreclosure rate. Of the Land of Enchantment’s 937,397 homes, 149 went into foreclosure, making for a foreclosure rate of one in every 6,291 homes. The counties with the most foreclosures per housing unit were (from highest to lowest): Torrance, Eddy, Sandoval, Colfax, and Valencia.
28. Arizona
Sorted as 14th in population, the Grand Canyon State withstood 487 foreclosures out of its total 3,056,890 housing units. This puts the foreclosure rate at one in every 6,277 homes and into the 28th spot. The counties with the most foreclosures per housing unit were (from highest to lowest): Graham, Cochise, Pinal, Yuma, and Mohave.
27. Nebraska
Ranking 37th in population, the Cornhusker State also placed 27th with a foreclosure rate of one in every 6,093 homes. With a total of 840,802 housing units, the state had 138 foreclosure filings. The counties with the most foreclosures per housing unit were (from highest to lowest): Clay, Garden, Frontier, Scotts Bluff, and Webster.
26. Minnesota
Ranked 22nd for most populous state, the Land of 10,000 Lakes obtained the 26th spot for highest foreclosure rate this month. It has 2,470,483 housing units, of which 407 went into foreclosure, making the state’s foreclosure rate one in every 6,070 households. The counties with the most foreclosures per housing unit were (from highest to lowest): Waseca, Faribault, Wright, Isanti, and Wilkin.
25. Oklahoma
The Sooners State landed the 25th spot in August. With housing units totaling 1,741,721, the 28th most populous state saw 290 homes go into foreclosure at a rate of one in every 6,006 households. The counties with the most foreclosures per housing unit were (from highest to lowest): Harmon, Kingfisher, Ellis, Okmulgee, and Jackson.
24. Massachusetts
The 15th most populous state ranked 24th for highest foreclosure rate this month. Of the Bay State’s 2,979,634 housing units, 517 went into foreclosure, making for a foreclosure rate of one in every 5,763 homes. The counties with the most foreclosures per housing unit were (from highest to lowest): Hampden, Plymouth, Bristol, Worcester, and Berkshire.
23. Utah
The Beehive State placed 23rd for highest foreclosure rate in August. Of its 1,133,558 housing units, 203 homes went into foreclosure, making the 30th most populous state’s foreclosure rate one in every 5,584 households. The counties with the most foreclosures per housing unit were (from highest to lowest): Carbon, Box Elder, Iron, Tooele, and Washington.
22. Virginia
With 674 homes going into foreclosure, the 12th most populous state ranked 22nd for highest foreclosure rate this month. Having 3,596,100 total housing units, the Old Dominion saw a foreclosure rate of one in every 5,335 households. The counties and independent cities with the most foreclosures per housing unit were (from highest to lowest): Galax City, Portsmouth City, Suffolk City, Caroline, and Highland.
21. Alaska
The Last Frontier saw 62 foreclosures in August, making the foreclosure rate one in every 5,094 homes. This caused the third-least populous state, with a total of 315,797 housing units, to claim the 21st spot. The boroughs with the most foreclosures per housing unit were (from highest to lowest): Sitka, Matanuska-Susitna, Anchorage, Kodiak Island, and Kenai Peninsula.
20. Texas
The Lone Star State withstood 2,473 foreclosures this month. With a foreclosure rate of one in every 4,623 households, this puts the second-most populous state in the U.S., with a whopping 11,433,880 housing units, into 20th place. The counties with the most foreclosures per housing unit were (from highest to lowest): Andrews, Kaufman, Ector, Real, and Mitchell.
19. Pennsylvania
The Keystone State had the 19th highest foreclosure rate in August. The fifth-most populous state saw 1,254 homes out of 5,728,788 total housing units go into foreclosure, making the state’s foreclosure rate one in every 4,568 households. The counties with the most foreclosures per housing unit were (from highest to lowest): Fulton, Susquehanna, Philadelphia, Allegheny, and Delaware.
18. Michigan
Ranked 10th in population, the Wolverine State secured the 18th spot yet again with a foreclosure rate of one in every 4,353 homes. With a total of 4,566,504 housing units, the state had 1,049 foreclosure filings. The counties with the most foreclosures per housing unit were (from highest to lowest): St. Joseph, Calhoun, Shiawassee, Otsego, and Oscoda.
17. Iowa
The Hawkeye State had the 17th highest foreclosure rate this month. With 326 out of 1,407,100 homes going into foreclosure, the 31st most populous state’s foreclosure rate was one in every 4,316 homes. The counties with the most foreclosures per housing unit were (from highest to lowest): Howard, Clinton, Audubon, Jasper, and Wayne.
16. North Carolina
The ninth-most populous state claimed 16th place once more for highest foreclosure rate. Out of 4,673,933 homes, 1,094 went into foreclosure. This puts the Tar Heel State’s foreclosure rate at one in every 4,272 homes. The counties with the most foreclosures per housing unit were (from highest to lowest): Jones, Gates, Hertford, Hoke, and Camden.
15. Alabama
Listed as 24th in population, the Yellowhammer State came in 15th for highest foreclosure rate in August. Of its 2,278,526 homes, 536 went into foreclosure, making for a foreclosure rate of one in every 4,251 homes. The counties with the most foreclosures per housing unit were (from highest to lowest): Bibb, Coffee, Montgomery, Mobile, and Jefferson.
14. New York
With 2,052 out of a total 8,449,178 housing units going into foreclosure, the Empire State claimed the 14th spot in August. The fourth-most populous state’s foreclosure rate was one in every 4,118 households. The counties with the most foreclosures per housing unit were (from highest to lowest): Orleans, Nassau, Washington, Orange, and Suffolk.
13. Georgia
Ranked eighth in population, the Peach State took the 13th spot for highest foreclosure rate for the second month in a row. Of its 4,375,039 homes, 1,168 were foreclosed on. This puts the state’s foreclosure rate at one in every 3,746 households. The counties with the most foreclosures per housing unit were (from highest to lowest): Jasper, Ben Hill, Richmond, Dawson, and Liberty.
12. Louisiana
Sorted as 25th in population, the Pelican State placed 12th for highest foreclosure rate in August. Louisiana had a foreclosure rate of one in every 3,703 households, with 558 homes out of 2,066,323 housing units going into foreclosure. The parishes with the most foreclosures per housing unit were (from highest to lowest): East Feliciana, Webster, Tangipahoa, St. Bernard, and Red River.
11. California
The country’s most populous state ranked 11th for highest foreclosure rate. Of its impressive 14,328,539 housing units, 4,088 went into foreclosure, making the Golden State’s foreclosure rate one in every 3,505 households. The counties with the most foreclosures per housing unit were (from highest to lowest): Calaveras, Trinity, Lake, Modoc, and Madera.
10. Connecticut
With 463 of its 1,527,039 homes going into foreclosure, the Constitution State had the 10th highest foreclosure rate at one in every 3,298 households. In this 29th most populous state, the counties that had the most foreclosures per housing unit were (from highest to lowest): Middlesex, New Haven, Litchfield, Windham, and Fairfield.
9. Indiana
The 17th largest state by population, the Crossroads of America landed the ninth spot with a foreclosure rate of one in every 3,084 homes. Of its 2,911,562 housing units, 944 went into foreclosure in August. The counties with the most foreclosures per housing unit were (from highest to lowest): Sullivan, Jay, Grant, Morgan, and Howard.
8. Ohio
The Buckeye State placed eighth in July with a foreclosure rate of one in every 2,904 homes. With a total of 5,232,733 housing units, the seventh-most populous state had a total of 1,802 filings. The counties with the most foreclosures per housing unit were (from highest to lowest): Marion, Fayette, Cuyahoga, Ashtabula, and Seneca.
7. Maryland
Ranked 18th for most populous state, America in Miniature placed seventh for highest foreclosure rate for the second month in a row. With a total of 2,516,341 housing units, of which 900 went into foreclosure, the state’s foreclosure rate was one in every 2,796 households. The counties and independent city with the most foreclosures per housing unit were (from highest to lowest): Baltimore City, Dorchester, Caroline, Charles, and Prince George’s County.
6. Florida
The third-most populous state in the country has a total of 9,764,897 housing units, of which 3,709 went into foreclosure. This puts the Sunshine State’s foreclosure rate at one in every 2,633 homes and into sixth place. The counties with the most foreclosures per housing unit were (from highest to lowest): Hernando, Calhoun, Union, Wakulla, and Osceola.
5. Delaware
The sixth-least populous state in the country, the Small Wonder took fifth place this month. With one in every 2,618 homes going into foreclosure and a total of 445,104 housing units, the state saw 170 foreclosures filed. Having only three counties in the state, the most foreclosures per housing unit were (from highest to lowest): Kent, Sussex, and New Castle.
4. New Jersey
With a foreclosure rate of one in every 2,585 homes, the Garden State ranked fourth for highest foreclosure rate in August. The 11th most populous state contains 3,738,342 housing units, of which 1,446 went into foreclosure. The counties with the most foreclosures per housing unit were (from highest to lowest): Cumberland, Sussex, Warren, Gloucester, and Camden.
3. South Carolina
The 23rd most populous state had the third highest foreclosure rate with one in every 2,506 homes going into foreclosure. Of the Palmetto State’s 2,325,248 housing units, 928 were foreclosed on this month. The counties with the most foreclosures per housing unit were (from highest to lowest): Fairfield, Kershaw, Orangeburg, Dorchester, and Barnwell.
2. Illinois
The Land of Lincoln claimed the second spot for highest foreclosure rate this month. Of its 5,412,995 homes, 2,225 went into foreclosure, making the sixth-most populous state’s foreclosure rate one in every 2,433 households. The counties with the most foreclosures per housing unit were (from highest to lowest): Hardin, Kendall, Logan, Will, and St. Clair.
1. Nevada
Ranked 32nd in population, the Silver State took the first spot for highest foreclosure rate in August. With one in every 2,224 homes going into foreclosure, and a total of 1,269,846 housing units, the state had 571 foreclosure filings. The counties with the most foreclosures per housing unit were (from highest to lowest): Clark, Mineral, Humboldt, Elko, and Nye.
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