So, you got swayed by the allure of an annual vacation in a snowy or tropical locale, and now you’re the proud owner of a timeshare. If you financed that timeshare directly with the developer, however, you may be paying more than you need to for that privilege.
The good news is that you may be able to refinance your timeshare at a lower rate, which could lower your monthly payments, and also reduce the total cost of the loan. Alternative timeshare financing options include personal loans, home equity loans and lines of credit, and low- or no-interest credit cards. Read on to learn how to find affordable financing options for a timeshare.
Related: How to afford a down payment on a first home
What is A Timeshare?
A timeshare provides you with fractional ownership of a vacation home, often in a popular travel destination. Rather than purchasing the home or condo outright (and having the ability to stay there any time), you pay a fraction of the price in exchange for a certain number of days or weeks per year that you have access to it. You can finance that cost, either directly with the developer or with a third party.
How Timeshares Work
Timeshare setups are as varied as the destinations where they are located, but here’s a look at three of the most common arrangements.
Fixed Week Timeshare
If you have the same vacation period every year, you may appreciate the fixed week timeshare because you get access to your timeshare at the same time each year. The benefit of this setup is that you never have to fight to find a time slot that works for you and your family. On the other hand, if your schedule changes, you may not be able to benefit from the timeshare you’ve purchased unless you can switch weeks with another owner.
Floating Week Timeshare
With the floating week option, you can choose the week you take your vacation, as long as the timeshare is available. This provides more flexibility, though you may need to plan far out to ensure you get the week you want.
Points System Timeshare
With the first two options, you typically stay at the same property each time you travel. With the points system, however, you have access to all the timeshare locations that the company owns. Each year, you are allotted a certain number of points that can be used at any of these locations. Some may require more points than others, and peak seasons may require more points than off-peak times of year. You may be able to purchase additional points if you need them. The floating points system can be a great option if you want a little variety in your vacations.
Are Timeshares Good Investments?
It depends on how much you end up using your timeshare. If you have a week or more off a year, love a particular destination (or in the case of the points system, want to explore the world), and use the timeshare each and every year for 10 or so years, it can end up costing less than if you had gone to a resort and paid a nightly rate for each one of those vacations.
On the other hand, if you don’t travel every year or get sick of the timeshare, you may not recoup your expenses.
Advantages & Disadvantages of Timeshare Loans
Unlike when you buy a house, you can’t get a traditional first mortgage to buy a timeshare. A mortgage needs to be secured by the property it’s financing and a timeshare doesn’t give you ownership of the property. However, that doesn’t mean you can’t get financing for a timeshare. Often, you have the option to finance your purchase through the developer. While developer financing can be convenient, it may not be the cheapest option. The loans provided by lenders that work with timeshare sales teams, often come with very high interest rates and long repayment terms. It’s also possible to get your own loan to finance, or refinance, a timeshare, using a lender that is not connected to the developer. Private loans can come with lower rates and more flexible terms, if you qualify. Personal loans and home equity loans can be used either to buy or refinance a timeshare.
If you’re thinking about refinancing your timeshare with a new lender, here is a quick look at the pros and cons.
Advantages of Timeshare Loans
Refinancing a timeshare comes with several benefits, including:
Lower Interest Rates
One of the benefits of getting a personal loan or other type of loan to refinance a timeshare is that you may be able to secure a lower interest rate than you got with the original loan, allowing you to pay less in interest over the life of the loan.
Lower Monthly Payments
A lower interest rate can translate into lower monthly payments. And, if you get a long-term personal loan, you may also be able to extend the length of the loan, which can also reduce your monthly payments. Keep in mind, however, that a longer loan term can lead to higher overall interest costs.
Exit Strategy
If you’re thinking about getting out of your timeshare, paying it off may provide you with more exit options, including selling it (if that’s allowed in your contract).
Disadvantages of Timeshare Loans
There are also potential drawbacks to refinancing a timeshare, which include:
Loan Fees
Many lenders charge an origination fee, which can run as high as 8% of the loan. This could negate any cost advantage of refinancing, so make sure you run the numbers and look at the refinance loan’s annual percentage rate (APR), which includes interest plus any fees.
Home as Collateral
If you take out a home equity loan to refinance your timeshare, your home will be used as collateral. Having collateral can lead to a low interest rate because it reduces risk to the lender. However, should you run into trouble paying the timeshare loan back, you could potentially lose your home.
High Interest for Bad Credit
If you don’t have good or excellent credit, getting a personal loan to refinance your timeshare loan may come with a high interest rate, which means it may not offer any advantages.
Can a Timeshare Be Refinanced?
Yes. If you have an expensive timeshare loan, you may be able to refinance that loan and, in turn, reduce your interest rate and/or your monthly payment. You have several options for timeshare financing. These include personal loans, home equity loans and lines of credit, a 0% APR credit card, and remodeling your loan.
Timeshare Financing Options
If you’re struggling with your current timeshare loan payments or simply want to see if you can lock in a lower rate, it can be worth looking at some of these alternative financing options.
Unsecured Personal Loans
You may be able to get an unsecured personal loan to refinance your timeshare. This type of loan doesn’t require collateral, which means you don’t need to put any assets at risk. And, if you have strong credit, you may be able to qualify for a lower interest rate than what you are currently paying on your timeshare loan. To see if you meet personal loan requirements, lenders will typically review your credit scores, income, and debt-to-income ratio. Generally, a higher credit score, higher income, and less debt, make it easier to qualify for a timeshare refinance loan.
Recommended: 12 Types of Personal Loans: Pros & Cons of Each
Home Equity Loans
You may be able to get a home equity loan or home equity line of credit (HELOC) to refinance your timeshare loan. A home equity loan is given as one lump sum that you repay with interest over time. A home equity line of credit allows you to access a certain amount of credit over a certain period of time.
With this refinancing option, you borrow against the equity you have built in your home. Because your home acts as collateral, you may be able to lock in a low interest rate. However, with collateral comes risk, since you could lose your home if you end up defaulting on the loan.
Credit Cards
Though credit cards tend to come with high interest, some cards offer a promotional 0% APR period, which can be as long as 18 months. This lets you avoid having to make any interest payments on purchases and balance transfers. If you’re able to get this type of card, you might be able to refinance your timeshare loan and pay it off before the introductory offer expires.
Keep in mind, though, that if you do not pay off the balance before the introductory rate expires, you could end up paying a higher interest rate than you are currently paying on your timeshare loan.
Modify Your Loan
If you are having trouble making your timeshare payments, another option is to reach out to your current lender and ask if it’s possible to modify the terms of the loan. Some lenders will consider loan modifications, such as deferring payments for a few months or extending your loan repayment period, in order to keep a borrower from defaulting on the loan.
Timeshare Financing Rates
Generally, the better your credit, the more likely you are to qualify for a timeshare loan with low interest rates and flexible repayment terms. For personal loans, for example, interest rates range anywhere from about 3% to 36% depending on your credit score. For excellent credit scores (720 to 850), the average personal loan interest rate currently ranges from 10.3% to 12.5%. Home equity loans will come in even lower, since they are secured by your home. For borrowers with credit scores of at least 700, home equity loan rates are running between 3.25% to 7.9%.
To find the best refinancing deal, it can be helpful to use an online lending marketplace. These sites save time and effort by allowing you to research and compare loan rates all in one place.
The Takeaway
Refinancing a timeshare loan may help you save in interest and/or lower your monthly payments. You have several options for timeshare refinancing, including unsecured personal loans, home equity loans or lines of credit, credit cards, and loan modification.
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This article originally appeared on LanternCredit.com and was syndicated by MediaFeed.org.
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Here’s where US foreclosure rates are soaring
Editor’s Note: Updated for May 2022
The number of U.S. properties with foreclosure filings in April was 30,674, according to ATTOM Data Solutions. This is up close to 160% from a year ago and makes April the 12th consecutive month showing year-over-year U.S. foreclosure activity increases. The Biden administration’s final extension of the pandemic-related moratorium on foreclosures ended July 31, 2021. The extension of the evictions moratorium for foreclosed borrowers ended September 30, 2021.
It is also worth noting that foreclosure filings decreased by close to 8% from March to April. The experts at ATTOM say this may be due to record levels of homeowner equity and the current hot housing market, allowing distressed homeowners the chance to sell their homes before going into final foreclosure. However, they say it may take a few months to see if this is what is happening.
According to ATTOM, year-over-year foreclosure increases will likely continue for the rest of 2022; however, they still expect foreclosures to stay below historic levels at least through the end of the year. Read on for the foreclosure rates in April 2022 – plus the five counties with the highest rates within those states.
Related: The safest cities in the US
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As just noted, foreclosures are up from last month, and up even more significantly compared to last year. Read on for April 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 10 foreclosures in April. With a total of 350,364 housing units, Washington, D.C.’s foreclosure rate was one in every 35,036 households, putting it in between the states of Kansas (#48) and North Dakota (#47).
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South Dakota once again nabbed the 50th spot; it had six homes go into foreclosure in April. Having 389,921 total housing units, the fifth least populated state had a foreclosure rate of one in every 64,987 households. Only three counties saw foreclosures in April. The counties with the most foreclosures per housing unit were (from highest to lowest): Lawrence, Minnehaha, and Lincoln.
RiverNorthPhotography
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 for a rate of one in every 47,760 households. The counties with the most foreclosures per housing unit were (from highest to lowest): Orange, Franklin, Windham, Washington, and Rutland.
” DonLand”
Kansas took the 48th spot. With 1,275,689 homes and a total of 35 housing units going into foreclosure, the 35th most-populated state’s foreclosure rate was one in every 36,448 households. The counties with the most foreclosures per housing unit were (from highest to lowest): Geary, Leavenworth, Seward, Shawnee, and Miami.
Michael Pham
North Dakota’s foreclosure rate was one in every 33,695 homes. That puts the fourth least populated state – with a total of 370,642 housing units, of which 11 were in foreclosure — in 47th place. The counties with the most foreclosures per housing unit were (from highest to lowest): Morton, Stark, Ward, Cass, and Williams.
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The 44th most populated state ranked 46th once again for foreclosure rate. With 18 foreclosures out of 514,803 housing units, its foreclosure rate was one in every 28,600 homes. The counties with the most foreclosures per housing unit were (from highest to lowest): Chouteau, Broadwater, Rosebud, Yellowstone, and Lewis And Clark.
YinYang
The 39th most populated state, West Virginia, ranked 45th. It has 855,635 homes, of which 56 went into foreclosure. That means the foreclosure rate was one in every 15,279 homes. The counties with the most foreclosures per housing unit were (from highest to lowest): Tyler, Lewis, Fayette, Boone, and Cabell.
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The 27th most populated state ranked 44th for highest foreclosure rate. Of Oregon’s 1,813,747 homes, 130 went into foreclosure, making for a foreclosure rate of one in every 13,952 homes. The counties with the most foreclosures per housing unit were (from highest to lowest): Morrow, Polk, Klamath, Washington, and Multnomah.
HaizhanZheng
With a total 1,994,323 housing units, Kentucky saw 148 homes go into foreclosure. That put the foreclosure rate for the 26th most populated state at one in every 13,475 households. The counties with the most foreclosures per housing unit were (from highest to lowest): Martin, Grant, Washington, Lincoln, and Webster.
Thomas Kelley
Ranked 13th for most populated state, Washington came in 42nd place for highest foreclosure rate. It has 320,2241 housing units, of which 251 went into foreclosure, making the state’s foreclosure rate one in every 12,758 households. The counties with the most foreclosures per housing unit were (from highest to lowest): Douglas, Chelan, Okanogan, Skamania, and Grays Harbor.
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Ranked 33rd for most populated state, Arkansas took the 41st spot for highest foreclosure rate. It has 1,365,265 housing units, of which 122 went into foreclosure, making the state’s latest foreclosure rate one in every 11,191 households. The counties with the most foreclosures per housing unit were (from highest to lowest): Woodruff, Lincoln, Ashley, Grant, and Mississippi.
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Rdlamkin
Ranked the least populated in the country, Wyoming claimed the 40th spot for highest foreclosure rate. With 271,887 housing units, of which 26 went into foreclosure, the state’s foreclosure rate was one in every 10,457 households. The counties with the most foreclosures per housing unit were (from highest to lowest): Crook, Carbon, Campbell, Sublette, and Big Horn.
AnujSahaiPhotography
In Tennessee, the 16th most populated state, there were 291 foreclosures out of 3,031,605 housing units. That put the foreclosure rate at one in every 10,418 homes. The counties with the most foreclosures per housing unit were (from highest to lowest): Wayne, Hardeman, Bledsoe, Humphreys, and White.
NathanMerrill
The eighth least populated state took the 38th spot for highest foreclosure rate. A total of 51 homes went into foreclosure out of 483,474 total housing units, making the foreclosure rate for the Ocean State one in every 9,480 households. The counties with the most foreclosures per housing unit were (from highest to lowest): Providence, Bristol, Newport, Washington, and Kent.
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The 40th most populated state, Hawaii came in 37th for highest foreclosure rate. Of 561,066 homes, 61 went into foreclosure, making for a foreclosure rate of one in every 9,198 households. Only three counties in the state had foreclosures. They were (from highest to lowest): Hawaii, Maui, and Honolulu.
Art Wager
The 41st most populated state, New Hampshire ranked 36th for highest foreclosure rate. Of 638,795 homes, 70 went into foreclosure, making for a foreclosure rate of one in every 9,126 households. The counties with the most foreclosures per housing unit were (from highest to lowest): Cheshire, Sullivan, Grafton, Rockingham, and Strafford.
DenisTangneyJr
Utah placed 35th for highest foreclosure rate. Of the Beehive State’s 1,151,414 housing units, 135 homes went into foreclosure, making the 30th most-populated state’s foreclosure rate one in every 8,529 households. The counties with the most foreclosures per housing unit were (from highest to lowest): Sevier, Tooele, Morgan, Box Elder, and Emery.
AndreyKrav
Alaska saw 38 foreclosures, making the foreclosure rate one in every 8,356 homes. That caused the third least populated state, with a total of 317,524 housing units, to take the 34th spot. Only four counties saw foreclosures in April (from highest to lowest): Anchorage, Matanuska-Susitna, Fairbanks North Star, and Kenai Peninsula.
Chilkoot
The 38th most populated state, Idaho had 91 homes go into foreclosure. With 751,859 total housing units, the state’s foreclosure rate was one in every 8,262 households. The counties with the most foreclosures per housing unit were (from highest to lowest): Lewis, Lincoln, Oneida, Benewah, and Shoshone.
knowlesgallery
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 322 housing units went into foreclosure, the state’s foreclosure rate was one in every 7,860 households. The counties with the most foreclosures per housing unit were (from highest to lowest): Prince George’s County, Charles, Garrett, Baltimore City, and Calvert.
James_Lane
With 392 foreclosures out of 2,727,726 total housing units, Wisconsin, the 20th most populated state, had a foreclosure rate of one in every 6,958 households. The counties with the most foreclosures per housing unit were (from highest to lowest): Marquette, Kenosha, Douglas, Dodge, and Langlade.
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FierceAbin
Ranked 37th for population, Nebraska claimed the 30th spot with a foreclosure rate of one in every 6,920 homes. With a total 844,278 housing units, the state had 122 foreclosure filings. The counties with the most foreclosures per housing unit were (from highest to lowest): Knox, Madison, Jefferson, Cedar, and Lancaster.
marekuliasz
The 15th most populated state ranked 29th for highest foreclosure rate. Of Massachusetts’ 2,998,537 housing units, 446 went into foreclosure, making for a foreclosure rate of one in every 6,723 homes. The counties with the most foreclosures per housing unit were (from highest to lowest): Plymouth, Hampden, Franklin, Berkshire, and Worcester.
Rolf_52
With 1,268 out of a total 8,488,066 housing units going into foreclosure, the fourth most populated state took the 28th spot. New York’s foreclosure rate was one in every 6,694 households. The counties with the most foreclosures per housing unit were (from highest to lowest): Genesee, Suffolk, Washington, Montgomery, and Tioga.
Eloi_Omella
The 36th most populated state took the 27th spot for highest foreclosure rate. Of its 940,859 homes, 141 went into foreclosure, making for a foreclosure rate of one in every 6,673 homes. The counties with the most foreclosures per housing unit were (from highest to lowest): Chaves, Cibola, Eddy, Valencia, and Torrance.
Davel5957
The 19th most populated state, Missouri came in 26th for highest rate of foreclosures. Of its 2,786,621 homes, 443 went into foreclosure, making for a foreclosure rate of one in every 6,290 homes. The counties with the most foreclosures per housing unit were (from highest to lowest): Jefferson, New Madrid, Webster, Butler, and Gasconade.
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The 12th most populated state ranked 25th for highest foreclosure rate, with 581 homes going into foreclosure. Having 3,618,247 total housing units, the state saw a foreclosure rate of one in every 6,228 households. The counties with the most foreclosures per housing unit were (from highest to lowest): Nottoway, Portsmouth City, Essex, Warren, and Greene.
DenisTangneyJr
In Mississippi, the 34th most populated state, there were 213 foreclosures out of 1,319,945 housing units. That put the foreclosure rate at one in every 6,197 homes. The counties with the most foreclosures per housing unit were (from highest to lowest): Sharkey, Stone, Claiborne, Benton, and Adams.
stevegeer
Ranked 25th for population, Louisiana took the 23rd spot, with 338 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 6,134 households. The counties with the most foreclosures per housing unit were (from highest to lowest): West Baton Rouge, Iberville, Beauregard, Tangipahoa, and Richland.
DenisTangneyJr
Ranked as the ninth least populated state, Maine placed 22nd for highest foreclosure rate. With a total of 739,072 housing units, the Pine Tree State saw 126 foreclosures for a foreclosure rate of one in every 5,866 homes. The counties with the most foreclosures per housing unit were (from highest to lowest): Waldo, Aroostook, Somerset, Penobscot, and Androscoggin.
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Ranked 24th for most populated, Alabama came in 21st for highest foreclosure rate. Of its 2,288,330 homes, 391 went into foreclosure, making for a foreclosure rate of one in every 5,853 homes. The counties with the most foreclosures per housing unit were (from highest to lowest): Dale, Barbour, Montgomery, Covington, and Conecuh.
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James Deitsch
Pennsylvania has the 20th highest foreclosure rate. The fifth most populated state had a total of 1,120 housing units out of 5,742,828 homes go into foreclosure, making the state’s foreclosure rate one in every 5,128 households. The counties with the most foreclosures per housing unit were (from highest to lowest): Potter, Delaware, Philadelphia, Bucks, and Pike.
AppalachianViews
The Lone Star State saw 2,297 foreclosures. With a foreclosure rate of one in every 5,045 households, this put the second most populous state with 11,589,324 housing units into the 19th spot – the same ranking it held in March. The counties with the most foreclosures per housing unit were (from highest to lowest): Dickens, Ector, Collingsworth, Shackelford, and Nacogdoches.
DenisTangneyJr
In Arizona, the 14th most populated state, there were 614 foreclosures out of 3,082,000 housing units. That put the foreclosure rate at one in every 5,020 homes. The counties with the most foreclosures per housing unit were (from highest to lowest): Graham, Yavapai, Cochise, Pinal, and Greenlee.
wanderluster
The ninth most populated state took 12th place for highest foreclosure rate. Out of 4,708,710 homes, 967 went into foreclosure. That put the Tar Heel State’s foreclosure rate at one in every 4,869 homes. The counties with the most foreclosures per housing unit were (from highest to lowest): Gates, Washington, Polk, Cumberland, and Hoke.
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Ranking 10th for population, Michigan took the 16th spot with a foreclosure rate of one in every 4,771 homes. With a total of 4,570,173 housing units, the state had 958 foreclosure filings. The counties with the most foreclosures per housing unit were (from highest to lowest): Saint Joseph, Genesee, Macomb, Schoolcraft, and Shiawassee.
haveseen
Oklahoma claimed the ninth spot. With housing units totaling 1,746,807, the 28th most populated state saw 380 homes go into foreclosure at a rate of one in every 4,597 homes. The counties with the most foreclosures per housing unit were (from highest to lowest): Washita, Canadian, Craig, Love, and Garfield.
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The eighth most populated state, Georgia ranked 14th for highest foreclosure rate. Of its 4,410,956 homes, 1,004 were foreclosed on. That put the state’s foreclosure rate at one in every 4,393 households. The counties with the most foreclosures per housing unit were (from highest to lowest): Candler, Crawford, Polk, Baker, and Peach.
SeanPavonePhoto
Ranked 22nd for most populated state, Minnesota took the 13th spot for highest foreclosure rate. It has 2,485,558 housing units, of which 568 went into foreclosure, making the state’s foreclosure rate one in every 4,376 households. The counties with the most foreclosures per housing unit were (from highest to lowest): Grant, Faribault, Mower, Clay, and Isanti.
JoeChristensen
The most populated state ranked 12th for highest foreclosure rate. Of its 14,392,140 housing units, 3,465 went into foreclosure, making California’s foreclosure rate one in every 4,154 households. The counties with the most foreclosures per housing unit were (from highest to lowest): Lake, Siskiyou, Kern, Trinity, and Madera.
mlauffen
With 377 of its 1,530,197 homes going into foreclosure, Connecticut had the 11th highest foreclosure rate of one in every 4,059 households. In the 29th most populated state, the counties that had the most foreclosures per housing unit were (from highest to lowest): Windham, Middlesex, New Haven, Hartford, and Litchfield.
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Iowa had the tenth highest foreclosure rate. With 353 housing units out of 1,412,789 homes going into foreclosure, the 31st most populated state’s foreclosure rate was one in every 4,002 homes. The counties with the most foreclosures per housing unit were (from highest to lowest): Fremont, Cass, Winnebago, Wapello, and Tama.
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The third most populated state in the country has a total of 9,865,350 housing units, of which 2,906 went into foreclosure. The state’s ninth highest foreclosure rate is one in every 3,395 homes. The counties with the most foreclosures per housing unit were (from highest to lowest): Hamilton, Calhoun, Taylor, Gilchrist, and Union.
Elisa.rolle
The sixth least populated state in the country, Delaware ranked fourth for highest foreclosure rate. With one in every 3,138 homes going into foreclosure and a total 448,735 housing units, Delaware saw a total of 143 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.
mdgmorris
With one in every 3,085 homes going into foreclosure, South Carolina moved out of the top three to take the seventh spot. Ranked 23rd for population, South Carolina has 2,344,963 housing units and saw 760 foreclosure filings. The counties with the most foreclosures per housing unit were (from highest to lowest): Barnwell, Lexington, Dorchester, Marion, and Darlington.
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The 21st most populated state ranked 6th for highest foreclosure rate. Of Colorado’s 2,491,404 housing units, 812 went into foreclosure, making for a foreclosure rate of one in every 3,068 homes. The counties with the most foreclosures per housing unit were (from highest to lowest): Pueblo, Delta, Mesa, Weld, and Morgan.
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Ranking 32nd in population, Nevada took the fifth spot for foreclosure rate. With one in every 3,043 homes going into foreclosure and a total of 1,281,018 housing units, the state had 421 foreclosure filings. The counties with the most foreclosures per housing unit were (from highest to lowest):Clark, Nye, Washoe, Elko, and Lyon.
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The 17th largest state by population, Indiana took the fourth spot with a foreclosure rate of one in every 2,660 homes. Of its 2,923,175 homes, 1,099 homes were foreclosed on in April. The counties with the most foreclosures per housing unit were (from highest to lowest): Noble, Grant, Clinton, Lake, and Elkhart.
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Ohio claimed the third spot, with a foreclosure rate of one in every 2,585 homes. With a total of 5,242,524 housing units, the seventh most populated state had a total of 2,028 filings. The counties with the most foreclosures per housing unit were (from highest to lowest): Cuyahoga, Huron, Muskingum, Logan, and Greene.
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With a foreclosure rate of one in every 2,292 homes, New Jersey held on to second place. The 11th most populated state has 3,761,229 housing units, of which 1,641 went into foreclosure. The counties with the most foreclosures per housing unit were (from highest to lowest): Cumberland, Salem, Warren, Camden, and Gloucester.
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Illinois took the number one spot again in April. Of its 5,426,429 homes, 2,421 went into foreclosure, making the sixth most populated state’s foreclosure rate one in every 2,241. The counties with the most foreclosures per housing unit were (from highest to lowest): Will, Madison, Lee, Tazewell, and Mchenry.
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Of all 50 states, California had the most foreclosure filings (3,465); South Dakota had the least (6). As for the states with the highest foreclosure rates, Illinois, New Jersey, and Ohio took the top three spots, respectively.
The Great Lakes region had the largest presence among the 10 states that ranked the highest for foreclosure rates. These states were (from highest to lowest): Illinois, Ohio, and Indiana.
The Plains region and the Southeast region tied for the largest presence among the 10 states that ranked the lowest for foreclosure rates. The states in the Plains region were (from highest to lowest): North Dakota, Kansas, and South Dakota. The states in the Southeast region were (from highest to lowest): Arkansas, Kentucky, and West Virginia.
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This article originally appeared on SoFi.comand was syndicated by MediaFeed.org.
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