Biden cancels up to $20k in student loans: What we know

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On Aug. 24, 2022, President Joe Biden ended months of speculation by announcing  that each American who earns $125,000 or less per year ($250,000 for married couples) will be eligible for $10,000 in federal student loan cancellation.

 

Related: Can the President cancel student loan debt? 

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He also announced that Pell Grant recipients can receive up to $20,000 in debt cancellation. Federal Pell Grants usually are awarded to undergraduate students who display exceptional financial need.

 

Additionally, the pause on federal student loan payments for all borrowers has been extended yet again. Repayment is now set to resume in January 2023.

 

“In keeping with my campaign promise, my Administration is announcing a plan to give working and middle class families breathing room as they prepare to resume federal student loan payments in January 2023,” Biden tweeted on Aug. 24th.

 

In addition, Biden said those with undergraduate loans on income-driven repayment plans would be able to cap their payments at 5% of their monthly income — a change that could reduce bills for millions of borrowers. The government’s current income-driven plans generally cap payments at 10% of a borrower’s discretionary income.

 

Also, many of the government’s income-driven forgiveness programs will be affected by a 5% cap on monthly income. Loan balances would be forgiven after 10 years of payments, instead of the current 20 years under many income-driven repayment plans for borrowers with original loan balances of $12,000 or less.

What Loans Are Eligible and How Can Borrowers Claim This Relief?

The $10,000 or $20,000 in student debt canceling is available only to people paying down federal loans, not private loans.

The White House said, “The Department will be announcing further details on how borrowers can claim this relief in the weeks ahead. The application will be available no later than when the pause on federal student loan repayments terminates at the end of the year. Nearly 8 million borrowers may be eligible to receive relief automatically because relevant income data is already available to the Department.”

 

Biden’s plans could face legal challenges, “making the timing of any relief uncertain,” according to the New York Times.

Are the Loan Servicers Ready?

A deadline postponement until Dec. 31st gives the loan servicers more time to prepare for payments to resume.

The companies that handle federal student loans have undergone considerable turmoil in the last two years. FedLoan Servicing, Granite State Management and Resources, and Navient have all withdrawn from student loan servicing. The student loans were transferred to other companies.

 

In late July of this year, with the Aug. 31st deadline approaching, the existing federal student loan servicers were told to hold off on sending out payment reminders to borrowers, but the White House provided no further direction in the weeks that followed. Rumors swirled about Biden’s next move on student loans.

 

Scott Buchanan, the executive director of the Student Loan Servicing Alliance  — a group that represents companies servicing over 95% of all federal student loans and the vast majority of private loans — wrote a letter to Education Secretary Miguel Cardona on August 22nd to inform him “that any announcement at this late date, less than ten days before the scheduled resumption of September 1, risks operational disruptions.”

 

“We are now 10 days out from the scheduled resumption for 35 million borrowers, and – as servicers have warned for weeks would be the case – it may not be possible to ensure that a full and complete delay in resumption could be effectuated systemically by September 1 for every borrower without incident,” Buchanan wrote.

 

After Biden made his August 24th announcement on Twitter, the Student Loan Servicing Alliance tweeted, “ATTENTION: #studentloan  servicers have been provided no specific information re: the President’s loan cancellation proposal and await detailed guidance from @usedgov  Please understand servicers have no more information for you yet. There is no action for you to take now.”

 

Recommended: Who is my Student Loan Servicer?

Reactions Split on Loan Canceling

U.S. Secretary of Education Miguel Cardona released a statement saying, “Earning a college degree or certificate should give every person in America a leg up in securing a bright future. But for too many people, student loan debt has hindered their ability to achieve their dreams — including buying a home, starting a business, or providing for their family. Getting an education should set us free; not strap us down! That’s why, since Day One, the Biden-Harris administration has worked to fix broken federal student aid programs and deliver unprecedented relief to borrowers.”

 

Student loans are a hot topic for debate.

 

Since he took office, Biden has been under mounting pressure to cancel student debt. While campaigning for the presidency, Biden said he would forgive $10,000 in student loans, but he sought counsel from Department of Education experts on the legal aspects of a write-off and declined to make a decision, despite requests that he do so.

 

Some prominent Democrats have urged Biden to cancel more than $10,000 in debt.

 

Senate Majority Leader Chuck Schumer and some Democratic colleagues have pushed for $50,000 in student-loan forgiveness. During an AFL-CIO roundtable in June, Schumer vowed to continue fighting until $50,000 in relief is achieved, according to Business Insider.

 

The NAACP released a statement in late August saying, “As time continues, the needs of the American people have not — and will not — change without substantial cancellation. If student debt repayments can be paused over and over and over again, there’s no reason why the President cannot cancel a minimum of $50,000. Do it to reduce the racial wealth gap, do it to capture the interest of many who will participate in the November election, do it for the future of American families and communities.”

 

At the same time, critics of student loan cancellation and payment postponement say that these measures could make inflation worse in America.

 

“On its face, the move could cost taxpayers about $300 billion or more in money they effectively lent out that will never be repaid,” the New York Times reported.

 

“Student loan debt relief is spending that raises demand and increases inflation,” former Treasury Secretary Larry Summers said on Twitter. “It consumes resources that could be better used helping those who did not, for whatever reason, have the chance to attend college.”

 

Sumners added that student loan relief “will also tend to be inflationary by raising tuitions … Every dollar spent on student loan relief is a dollar that could have gone to support those who don’t get the opportunity to go to college.”

The Takeaway

President Biden has announced transformative changes to federal student loans: a plan to cancel $10,000 in federal student loan debt for individuals earning $125,000 or less annually ($250,000 for married couples) and up to $20,000 if you went to college on Pell Grants.

 

Moreover, people with undergraduate loans would be able to cap their payments at 5% of their monthly income in income-driven forgiveness plans — a change that could reduce bills significantly since these plans usually cap payments at 10% or 15% of a borrower’s discretionary income.

 

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This article originally appeared on SoFi.com and was syndicated by MediaFeed.org.

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States where home foreclosures are starting to spike

 

Editor’s Note: Updated for July 2022

 

Amid rising mortgage rates and falling home sales, foreclosures are on the upswing. The number of U.S. properties with foreclosure filings in June was 31,707, according to ATTOM Data Solutions. This is up over 143% from a year ago. Much of the foreclosure activity is on loans that began prior to the pandemic and would have been foreclosed on without pandemic protections.

 

With the median home price reaching a record $407,600, home ownership is becoming more difficult for new buyers and existing owners alike. In this climate of high mortgage rates combined with historically high inflation, sellers may need to adjust, especially considering that home resales, which form the majority of US home sales, plummeted by over 8% compared to this time last year.

 

While the rate of increased foreclosure filings was relatively small from May to June – up by just a little over 2.5% – the dramatic year-over-year increases in foreclosure activity, which the experts at ATTOM expect to continue, suggest that foreclosure starts could be back to normal levels by early 2023.

Read on for the foreclosure rates in June 2022 – plus the five counties with the highest rates within those states.

 

Related: The safest cities in the US

 

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As noted, foreclosures are up marginally from last month, but significantly compared to last year. Read on for June foreclosure rates for all 50 states — plus the District of Columbia — beginning with the state that had the lowest rate of foreclosure filings per housing unit.

 

 

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Ranking in population between Vermont and Alaska, the country’s 49th and 48th least populated states, Washington, D.C. had 16 foreclosures in June. With a total of 350,364 housing units, Washington, D.C.’s foreclosure rate was one in every 21,898 households, putting it in between the states of North Dakota (#48) and West Virginia (#47).

 

 

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South Dakota nabbed the 50th spot in June. Having 389,921 total housing units, the fifth least populated state had a foreclosure rate of one in every 48,740 households with eight foreclosures. Only four counties saw foreclosures. The counties with the most foreclosures per housing unit were (from highest to lowest): Brookings, Codington, Minnehaha, and Pennington.

 

 

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In 49th place for population, Vermont claimed the 49th spot for its foreclosure rate. Of Vermont’s 334,318 housing units, seven homes went into foreclosure at a rate of one in every 47,760 households. The counties with the most foreclosures per housing unit were (from highest to lowest): Grand Isle, Rutland, Addison, Bennington, and Washington.

 

 

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North Dakota’s foreclosure rate was one in every 28,511 homes. That puts the fourth least populated state – with a total of 370,642 housing units (of which 13 were in foreclosure) — in 48th place. The counties with the most foreclosures per housing unit were (from highest to lowest): Wells, Pembina, Traill, Stark, and Stutsman.

 

 

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The 39th most populated state, West Virginia, ranked 47th. It has 855,635 homes, of which 48 went into foreclosure. That means the foreclosure rate was one in every 17,826 homes. The counties with the most foreclosures per housing unit were (from highest to lowest): Boone, Hancock, Raleigh, Jackson, and Marion.

 

 

 

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Kansas took the 46th spot once again. With 1,275,689 homes and a total of 88 housing units going into foreclosure, the 35th most-populated state’s foreclosure rate was one in every 14,496 households. The counties with the most foreclosures per housing unit were (from highest to lowest): Rush, Harper, Pawnee, Cowley, and Cowley.

 

 

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Ranked 13th for most populated state, Washington came in 45th place for highest foreclosure rate. It has 3,202,241 housing units, of which 240 went into foreclosure, making the state’s foreclosure rate one in every 13,343 households. The counties with the most foreclosures per housing unit were (from highest to lowest): Pacific, Cowlitz, Asotin, Okanogan, and Lewis.

 

 

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With a total 1,994,323 housing units, Kentucky saw 155 homes go into foreclosure. That put the foreclosure rate for the 26th most populated state at one in every 12,867 households. The counties with the most foreclosures per housing unit were (from highest to lowest): Hardin, Jackson, Grayson, Daviess, and Mercer.

 

 

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The 38th most populated state, Idaho had 65 homes go into foreclosure. With 751,859 total housing units, the state’s foreclosure rate was one in every 11,567 households. The counties with the most foreclosures per housing unit were (from highest to lowest): Lincoln, Jerome, Gooding, Caribou, and Payette.

 

 

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With 276 foreclosures out of 2,727,726 total housing units, Wisconsin, the 20th most populated state, had a foreclosure rate of one in every 9,883 households. The counties with the most foreclosures per housing unit were (from highest to lowest): Dodge, Douglas, Marquette, Vernon, and Walworth.

 

 

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The 27th most populated state ranked 41st for highest foreclosure rate. Of Oregon’s 1,813,747 homes, 187 went into foreclosure, making for a foreclosure rate of one in every 9,699 homes. The counties with the most foreclosures per housing unit were (from highest to lowest): Crook, Lake, Multnomah, Clackamas, and Douglas.

 

Recommended: Tips on Buying a Foreclosed Home

 

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The 41st most populated state, New Hampshire, ranked 40th for highest foreclosure rate. Of 638,795 homes, 67 went into foreclosure, making for a foreclosure rate of one in every 9,534 households. The counties with the most foreclosures per housing unit were (from highest to lowest): Belknap, Carroll, Cheshire, Rockingham, Coos, and Grafton.

 

 

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The 15th most populated state ranked 39th for highest foreclosure rate. Of Massachusetts’ 2,998,537 housing units, 335 went into foreclosure, making for a foreclosure rate of one in every 8,951 homes. The counties with the most foreclosures per housing unit were (from highest to lowest): Hampden, Berkshire, Franklin, Plymouth, and Worcester.

 

 

 

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In Tennessee, the 16th most populated state, there were 370 foreclosures out of 3,031,605 housing units. That put the foreclosure rate at one in every 8,194 homes and in the 38th spot once again. The counties with the most foreclosures per housing unit were (from highest to lowest): Houston, Polk, Chester, Mcnairy, and Haywood.

 

 

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Ranked 37th for population, Nebraska claimed the 37th spot with a foreclosure rate of one in every 8,041 homes. With a total 844,278 housing units, the state had 105 foreclosure filings. The counties with the most foreclosures per housing unit were (from highest to lowest): Boyd, Gage, Hamilton, Johnson, and York.

 

 

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Ranked 33rd for most populated state, Arkansas took the 36th spot for highest foreclosure rate. It has 1,365,265 housing units, of which 173 went into foreclosure, making the state’s latest foreclosure rate one in every 7,892 households. The counties with the most foreclosures per housing unit were (from highest to lowest): Franklin, Lonoke, Pulaski, Saint Francis, and Conway.

 

 

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The eighth least populated state took the 35th spot for highest foreclosure rate. A total of 62 homes went into foreclosure out of 483,474 total housing units, making the foreclosure rate for the Ocean State one in every 7,798 households. The counties with the most foreclosures per housing unit were (from highest to lowest): Bristol, Kent, Providence, Washington, and Newport.

 

 

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The 40th most populated state, Hawaii, came in 34th for highest foreclosure rate. Of 561,066 homes, 73 went into foreclosure, making for a foreclosure rate of one in every 7,686 households. Only four counties in the state had foreclosures. They were (from highest to lowest): Hawaii, Honolul, Maui, and, Kauai.

 

 

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In Mississippi, the 34th most populated state, there were 173 foreclosures out of 1,319,945 housing units. That put the foreclosure rate at one in every 7,630 homes. The counties with the most foreclosures per housing unit were (from highest to lowest): Jefferson Davis, Leake, Coahoma, Simpson, and Quitman.

 

 

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Ranked 18th for most populated state, Maryland took 32nd place for highest foreclosure rate. With a total of 2,530,844 housing units, of which 334 housing units went into foreclosure, the state’s foreclosure rate was one in every 7,577 households. The counties with the most foreclosures per housing unit were (from highest to lowest): Caroline, Prince George’s County, Wicomico, Cecil, and Baltimore City.

 

 

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The 21st most populated state ranked 31st for highest foreclosure rate. Of Colorado’s 2,491,404 housing units, 329 went into foreclosure, making for a foreclosure rate of one in every 7,573 homes. The counties with the most foreclosures per housing unit were (from highest to lowest): Rio Blanco, Park, Pueblo, Morgan, and Weld.

 

Recommended: What Is a Short Sale?

 

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In Arizona, the 14th most populated state, there were 424 foreclosures out of 3,082,000 housing units. That put the foreclosure rate at one in every 7,269 homes. The counties with the most foreclosures per housing unit were (from highest to lowest): Yuma, Greenlee, La Paz, Pinal, and Cochise.

 

 

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The 36th most populated state took the 29th spot for highest foreclosure rate. Of its 940,859 homes, 130 went into foreclosure, making for a foreclosure rate of one in every 7,237 homes. The counties with the most foreclosures per housing unit were (from highest to lowest): Valencia, Chaves, Sierra, Curry, and Lincoln.

 

 

 

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Ranked the least populated state in the country, Wyoming claimed the 28th spot once again for highest foreclosure rate. With 271,887 housing units, of which 43 went into foreclosure, the state’s foreclosure rate was one in every 6,323 households. The counties with the most foreclosures per housing unit were (from highest to lowest): Campbell, Weston, Carbon, Sweetwater, and Converse.

 

 

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Pennsylvania had the 27th highest foreclosure rate once again. The fifth most populated state had a total of 939 housing units out of 5,742,828 homes go into foreclosure, making the state’s foreclosure rate one in every 6,116 households. The counties with the most foreclosures per housing unit were (from highest to lowest): Philadelphia, Delaware, Wayne, Montgomery, and Bucks.

 

 

 

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Alaska saw 52 foreclosures, making the foreclosure rate one in every 6,106 homes. That caused the third least populated state, with a total of 317,524 housing units, to take the 26th spot. The counties with the most foreclosures per housing unit were (from highest to lowest): Anchorage, Fairbanks North Star, Matanuska-Susitn, Kenai Peninsula, and Juneau.

 

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The 12th most populated state ranked 25th for highest foreclosure rate, with 620 homes going into foreclosure. Having 3,618,247 total housing units, the state saw a foreclosure rate of one in every 5,836 households. The counties with the most foreclosures per housing unit were (from highest to lowest): Galax City, Martinsville City, Buena Vista City, Suffolk City, and Portsmouth City.

 

 

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Ranked 22nd for most populated state, Minnesota took the 24th spot for highest foreclosure rate. It has 2,485,558 housing units, of which 429 went into foreclosure, making the state’s foreclosure rate one in every 5,794 households. The counties with the most foreclosures per housing unit were (from highest to lowest): Jackson, Sherburne, Mower, Rice, and Steele.

 

 

JoeChristensen

 

The 19th most populated state, Missouri came in 23rd for highest rate of foreclosures. Of its 2,786,621 homes, 488 went into foreclosure, making for a foreclosure rate of one in every 5,710 homes. The counties with the most foreclosures per housing unit were (from highest to lowest): Webster, Stoddard, Pulaski Randolph, and Bates.

 

 

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Ranked 25th for population, Louisiana took the 22nd spot, with 365 homes out of a total of 2,073,200 housing units going into foreclosure. That means Louisiana had a foreclosure rate of one in every 5,680 households. The counties with the most foreclosures per housing unit were (from highest to lowest): West Baton Rouge, Tangipahoa, Livingston, Beauregard, and Ascension.

 

 

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Utah placed 21st for highest foreclosure rate. Of the Beehive State’s 1,151,414 housing units, 214 homes went into foreclosure, making the 30th most-populated state’s foreclosure rate one in every 5,380 households. The counties with the most foreclosures per housing unit were (from highest to lowest): Daggett, Tooele, Beaver, Morgan, and Salt Lake.

 

Recommended: 4 Signs You May Be Ready to Buy

 

 

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The 44th most populated state took the 20th spot. With 100 foreclosures out of 514,803 housing units, its foreclosure rate was one in every 5,148 homes. The counties with the most foreclosures per housing unit were (from highest to lowest): Sheridan, Wheatland, Judith Basin, Blaine, and Hill.

 

 

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Ranked as the ninth least populated state, Maine placed 19th for highest foreclosure rate. With a total of 739,072 housing units, the Pine Tree State saw 144 foreclosures for a foreclosure rate of one in every 5,132 homes. The counties with the most foreclosures per housing unit were (from highest to lowest): Aroostook, Penobscot, Somerset, Washington, and Waldo.

 

 

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The Lone Star State saw 2,284 foreclosures. With a foreclosure rate of one in every 5,074 households, this put the second most populous state with 11,589,324 housing units into the 18th spot. The counties with the most foreclosures per housing unit were (from highest to lowest): Orange, Scurry, Terry, Liberty, and Carson.

 

 

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With 1,733 out of a total 8,488,066 housing units going into foreclosure, the fourth most populated state took the 17th spot. New York’s foreclosure rate was one in every 4,898 households. The counties with the most foreclosures per housing unit were (from highest to lowest): Steuben, Schoharie, Cattaraugus, Suffolk, and Nassau.

 

 

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Ranking 10th in population, Michigan took the 16th spot with a foreclosure rate of one in every 4,678 homes. With a total of 4,570,173 housing units, the state had 977 foreclosure filings. The counties with the most foreclosures per housing unit were (from highest to lowest): Cass, Saint Joseph, Calhoun, Ionia, and Genesee.

 

 

 

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Iowa had the 15th highest foreclosure rate. With 308 housing units out of 1,412,789 homes going into foreclosure, the 31st most populated state’s foreclosure rate was one in every 4,587 homes. The counties with the most foreclosures per housing unit were (from highest to lowest): Taylor, Jones, Des Moines, Tama, and Washington.

 

 

JoeChristensen

 

The ninth most populated state took 14th place for highest foreclosure rate. Out of 4,708,710 homes, 1,060 went into foreclosure. That put the Tar Heel State’s foreclosure rate at one in every 4,442 homes. The counties with the most foreclosures per housing unit were (from highest to lowest): Martin, Cleveland, Hertford, Hoke, and Cumberland.

 

 

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The eighth most populated state, Georgia ranked 13th for highest foreclosure rate. Of its 4,410,956 homes, 1,096 were foreclosed on. That put the state’s foreclosure rate at one in every 4,025 households. The counties with the most foreclosures per housing unit were (from highest to lowest): Crawford, Quitman, Rockdale, Macon, and Liberty.

 

 

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Oklahoma claimed the 12th spot. With housing units totaling 1,746,807, the 28th most populated state saw 436 homes go into foreclosure at a rate of one in every 4,006 homes. The counties with the most foreclosures per housing unit were (from highest to lowest): Kingfisher, Cimarron, Tillman, Caddo, and Comanche.

 

 

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The country’s most populated state ranked 11th for highest foreclosure rate. Of its 14,392,140 housing units, 3,663 went into foreclosure, making California’s foreclosure rate one in every 3,929 households. The counties with the most foreclosures per housing unit were (from highest to lowest): Glenn, Sutter, Lake, Merced, and Trinity.

 

Recommended: Your 2022 Guide to All Things Home

 

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The 17th largest state by population, Indiana took the 10th spot once again with a foreclosure rate of one in every 3,908 homes. Of its 2,923,175 homes, 748 homes were foreclosed on in June. The counties with the most foreclosures per housing unit were (from highest to lowest): Grant, Wabash, Vanderburgh, Wayne, and White.

 

 

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Ranked 24th for most populated, Alabama came in ninth for highest foreclosure rate. Of its 2,288,330 homes, 624 went into foreclosure, making for a foreclosure rate of one in every 3,667 homes. The counties with the most foreclosures per housing unit were (from highest to lowest): Dallas, Jefferson, Butler, Geneva, and Walker.

 

 

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With 423 of its 1,530,197 homes going into foreclosure, Connecticut had the eighth highest foreclosure rate at one in every 3,617 households. In the 29th most populated state, the counties that had the most foreclosures per housing unit were (from highest to lowest): Windham, Litchfield, New Haven, New London, and Fairfield.

 

 

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The third most populated state in the country has a total of 9,865,350 housing units, of which 3,429 went into foreclosure. The state’s foreclosure rate is one in every 2,877 homes. The counties with the most foreclosures per housing unit were (from highest to lowest): Gadsden, Gilchrist, Osceola, Santa Rosa, and Pasco.

 

 

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With a foreclosure rate of one in every 2,735 homes, New Jersey fell out of the top three and into sixth place for highest foreclosure rate. The 11th most populated state has 3,761,229 housing units, of which 1,375 went into foreclosure. The counties with the most foreclosures per housing unit were (from highest to lowest): Cumberland, Salem, Camden, Atlantic, and Gloucester.

 

 

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With one in every 2,471 homes going into foreclosure, South Carolina took the fifth spot. Ranked 23rd for population, South Carolina has 2,344,963 housing units and saw 949 foreclosure filings. The counties with the most foreclosures per housing unit were (from highest to lowest): Fairfield, Dorchester, Kershaw, Richland, and Spartanburg.

 

 

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Ranking 32nd in population, Nevada took the fourth spot for foreclosure rate. With one in every 2,408 homes going into foreclosure, and a total of 1,281,018 housing units, the state had 532 foreclosure filings. The counties with the most foreclosures per housing unit were (from highest to lowest): Lander, Churchill, Washoe, Clark, and White Pine.

 

 

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Ohio moved into the top three in June with a foreclosure rate of one in every 2,386 homes. With a total of 5,242,524 housing units, the seventh most populated state had a total of 2,197 filings. The counties with the most foreclosures per housing unit were (from highest to lowest): Cuyahoga, Huron, Lake, Fayette, and Stark.

 

 

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The sixth least populated state in the country, Delaware crept up from third to second place in June for highest foreclosure rate. With one in every 2,117 homes going into foreclosure and a total 448,735 housing units, Delaware saw a total of 212 foreclosure filings. With only three counties in the state, the most foreclosures per housing unit were in (from highest to lowest): Kent, New Castle, and Sussex.

 

 

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Illinois took the number one spot again in June. Of its 5,426,429 homes, 2,589 went into foreclosure, making the sixth most populated state’s foreclosure rate one in every 2,096. The counties with the most foreclosures per housing unit were (from highest to lowest): Saint Clair, Madison, Piatt, Gallatin, and Rock Island.

 

 

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Of all 50 states, California had the most foreclosure filings (3,663); Vermont had the least (7). As for the states with the highest foreclosure rates, Illinois, Delaware and Ohio took the top three spots, respectively.

 

Two regions – The Great Lakes and the Southeast – tied for having the largest presence among the 10 states that ranked the highest for foreclosure rates. The states in the Great Lakes region were (from highest to lowest): Illinois, Ohio, and Indiana. The states in the Southeast region were (from highest to lowest): South Carolina, Florida, and Alabama.

 

The Plains region had the largest presence among the 10 states that ranked the lowest for foreclosure rates. The states were (from highest to lowest): Kansas, North Dakota, and South Dakota.

 

Learn More:

This article originally appeared on SoFi.comand was syndicated by MediaFeed.org.

 

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