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Foreclosure Rates by State 2024
Foreclosure rates, measured as the percentage of housing units (HU) undergoing or completing foreclosure processes, offer significant insights into regional housing market health. North Dakota emerges with the highest foreclosure rate at 34.29%, followed closely by West Virginia with a significant increase of 168%. Conversely, South Dakota experiences the lowest rate at 13.64% of HUs.
Foreclosure rates often reflect economic conditions and housing market stability. Vermont shows a substantial increase in foreclosure rates by 79.17%, indicating potential economic challenges, while Oregon's decrease by 1.21% suggests market resilience. Some states exhibit stable rates despite economic fluctuations; Wisconsin, for instance, maintains a marginal 0.1% change.
Monitoring foreclosure trends provides essential data for understanding housing market dynamics and potential economic vulnerabilities. Real estate professionals, policymakers, and homeowners can utilize this information to make informed decisions regarding investments, policies, and financial planning. As the housing market continues to evolve, ongoing analysis of foreclosure rates remains crucial for understanding regional economic trends and promoting housing market sustainability.
- HU is an acronym for "housing unit," a term which refers to a single dwelling place such as a house or an apartment.
- Foreclosure rate represents the proportion or percentage of housing units that are going through the foreclosure process or have been foreclosed upon.
- The phrase "1/every X HU" suggests that, on average, one out of every X housing units in a given area or region is being foreclosed upon. For example, if the foreclosure rate is 1/every 100 HU, it means that, on average, one out of every 100 housing units is experiencing foreclosure.
State | Foreclosure Rate (1/every XHU) | # Of Properties With Filings | % Change In Q4 2022 | % Change In Q1 2022 |
|---|---|---|---|---|
| South Dakota | 15,535 | 25 | 13.64% | 19.05% |
| North Dakota | 7,875 | 47 | 34.29% | -42.68% |
| Vermont | 7,756 | 43 | 79.17% | 13.16% |
| Montana | 5,284 | 97 | 25.97% | -23.02% |
| Kentucky | 4,389 | 453 | 9% | 1.12% |
| Washington | 4,222 | 751 | 16% | -4.57% |
| Kansas | 4,065 | 313 | 16% | 17.23% |
| West Virginia | 4,054 | 212 | 168% | 4.95% |
| Idaho | 3,501 | 212 | 69.6% | 15.85% |
| Maine | 3,250 | 227 | -39% | -36.94% |
| Rhode Island | 2,765 | 174 | 23% | -2.79% |
| Wisconsin | 2,763 | 984 | 0.1% | 8.25% |
| Oregon | 2,751 | 654 | 173.64% | -1.21% |
| Missouri | 2,617 | 1,063 | -7.65% | 14.18% |
| New Hampshire | 2,587 | 246 | 27% | 25.51% |
| Nebraska | 2,502 | 336 | 25.84% | -8.45% |
| Massachusetts | 2,268 | 1,314 | 36% | -15.72% |
| Mississippi | 2,256 | 584 | 34.87% | 15.64% |
| Alabama | 2,223 | 1,025 | -10.32% | -17.87% |
| Hawaii | 2,210 | 252 | 29.9% | -6.32% |
| Minnesota | 2,169 | 1,139 | 47.35% | 7.15% |
| Colorado | 2,142 | 1,146 | 38.07% | 9.25% |
| Tennessee | 2,097 | 1,436 | 32% | 21.28% |
| Alaska | 2,078 | 152 | 192% | 20.63% |
| Virginia | 2,067 | 1,740 | 35.2% | 0.58% |
| Utah | 1,968 | 576 | 3.23% | 6.67% |
| Louisiana | 1,964 | 1,052 | 15.99% | 10.39% |
| District of Columbia | 1,923 | 179 | 280.85% | 23% |
| Wyoming | 1,901 | 143 | 53.76% | -4.67% |
| Arkansas | 1,899 | 717 | 63% | -9.13% |
| Arizona | 1,780 | 1,717 | 3.68% | 19.4% |
| Pennsylvania | 1,752 | 3,269 | 21% | -1.8% |
| Texas | 1,583 | 7,221 | 44.94% | 13.59% |
| New Mexico | 1,575 | 595 | 58% | 24.74% |
| North Carolina | 1,525 | 3,064 | 35.28% | -6.78% |
| Iowa | 1,457 | 966 | 32.69% | -3.59% |
| Oklahoma | 1,436 | 1,213 | 26.88% | 25.44% |
| California | 1,404 | 10,208 | 23.84% | -3.74% |
| Connecticut | 1,392 | 1,097 | 33.13% | 14.99% |
| Georgia | 1,358 | 3,222 | 24% | 9.97% |
| New York | 1,331 | 6,349 | 97% | 1.03% |
| Florida | 1,186 | 8,233 | 1% | 16.83% |
| South Carolina | 1,041 | 2,234 | 2.95% | -9.48% |
| Michigan | 1,029 | 4,436 | 38.41% | 41.23% |
| Indiana | 987 | 2,949 | 22.11% | 15.33% |
| Ohio | 985 | 5,313 | 0.45% | 4.88% |
| Nevada | 947 | 1,341 | 14% | 14.13% |
| Maryland | 897 | 2,806 | 89.21% | 29.61% |
| New Jersey | 824 | 4,539 | -4.48% | 3.77% |
| Delaware | 812 | 548 | 41.97% | 3.59% |
| Illinois | 762 | 7,100 | 3.48% | -5.26% |