Home News States With the Worst Foreclosure Rates This Year – 24/7 Wall St.

States With the Worst Foreclosure Rates This Year – 24/7 Wall St.

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Homeowners with federal-backed mortgages as part of the $ 2.2 trillion Coronavirus Aid, Relief, and Economic Security Act passed by Congress and signed by President Donald Trump in March 2020 Included temporary protection against foreclosure and eviction. This emergency regulatory safeguard has kept millions of Americans home during the most economically devastating period of the pandemic. ((((These are the states where most people own their own homes.. )

Many of these borrowers hold more shares in their homes than they did before the global virus outbreak, thanks to the continued rise in home prices across the country. But not everyone has emerged from this forgiving lifeline.

According to a recent analysis by real estate data provider ATTTOM, foreclosure declarations reached a post-pandemic high of 78,271 in the first quarter of 2022, up 39% from the previous quarter and 132% from the same period last year. To find the states with the most foreclosures, 24/7 Wall St. reviewed the 2021 and 2022 foreclosure data provided by. ATTOM data solution.. States are ranked by the number of foreclosures per 100,000 residential units.

Foreclosure activity is 57% lower than in the first three months of 2020, but a return to normal is rapidly approaching. Foreclosures declined in the 12 months to March 2022 only in the three states of Alaska and Dakotas, but foreclosure activity surged by more than 200% in the five states of New York, New Jersey, Colorado, Nevada and Michigan. .. Foreclosure activity surged by nearly 500% in Nevada and Michigan. Nationally, foreclosure activity increased by 135%.

Chicago, New York City, Los Angeles, Houston, and Philadelphia had the highest number of foreclosure declarations. In cities with a population of less than 200,000, the highest foreclosure rates occurred in Cleveland, Ohio. Atlantic City, NJ; Jacksonville, North Carolina; Rockford, Illinois; Columbia, South Carolina. ((((See also the cities with the highest housing costs in all states.. )

In the three states of Wyoming, Louisiana, and Mississippi, underwater mortgages account for 10% to 17% of all mortgages, the highest of the states. An underwater mortgage is when the house is less valuable than the money you have to pay for the mortgage.

This is the state with the worst foreclosure rate this year

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