Don’t wait for an emergency you can’t afford to start an emergency fund

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How many times have you heard the financial advice, “Start an emergency fund?”

 

Probably dozens of times. But as much as most people would like to have an emergency fund, it can be hard to prioritize saving for a rainy day when the sun is out and you want to plan a beach getaway…or just pay your current bills.

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But what would happen if your car conked out en route to the beach and you needed a $800 repair? Or if you were unfortunately laid off and couldn’t pay the pile of bills without reaching for your credit card?

 

Those are examples of why emergency savings are so vital. It can be especially hard to save, though, when you don’t know how to build up that financial safety net. This article will change that. It shares step-by-step advice about how to ensure that you can handle the unexpected expenses that can be part of life.

What Percentage of Americans Have an Emergency Fund?

Only about 44% of Americans could pay for an unexpected $1,000 emergency expense, according to a recent survey. This means that for 56%, or the majority of citizens, their emergency fund is effectively their credit cards.

 

And remember, a sudden bill of $1,000 isn’t the only reason an emergency fund is crucial — it can also keep you stay afloat if you suddenly lose your job or need to take unpaid time off work.

 

When you consider how to define an emergency fund, you may think it’s just cash to pay those urgent, unexpected bills. And, yes, that’s vital. But if you turn it over a bit, you’ll realize that in addition to covering the out-of-ordinary expenses, it can also keep you out of debt and your phone number out of the hands of creditors. What’s more, an emergency fund should help prevent you from reaching for your plastic when a big bill hits. The idea is not to rack up that kind of high-interest debt, which can be so challenging to pay off. These situations underscore the importance of having an emergency fund.

Rule of Thumb When Saving for an Emergency Fund

Most financial experts say you should have at least three to six months’ worth of basic living expenses in your emergency fund. That means you should add up the necessities that keep your household afloat (such as shelter, food, medical costs, utilities, WiFi, and so forth) and see what you would need if, say, you lost your job, became disabled, or had to take a leave of absence from work to care for a sick family member.

 

When deciding how much you’d like to have in your emergency fund, you might use another technique vs. adding up all your monthly expenses. Some people prefer to start with their take-home pay, subtract any money they’re already saving, and subtract money they don’t need to spend.

 

With this method, what’s left are your monthly expenses. Another benefit of this method is that it gives you the opportunity to see what spending you can live without, which you can cut out of your budget now and start weaving into your safety net.

 

Some people recommend yet another way to calculate how much should be in your emergency fund. They say to look at the deductibles for auto and health insurance you would have to pay in the event of an accident, emergency room visit, or ambulance ride. That cost is the very minimum amount of money you would have to shell out for a minor misfortune. If money is super tight, that could be a good goal for your emergency fund.

Steps for Starting and Building Your Emergency Fund

If you are convinced of the value of having this sort of savings and are wondering how to start an emergency fund, follow these steps. They’ll help you know how to save for an emergency fund even if you feel your budget is already quite tight.

1. Setting a Specific Savings Goal

As mentioned above, most financial pros will recommend that you save three to six months’ worth of living expenses. You might come up with that sum and then divide it by 12 to see how much you’d have to save monthly if you wanted to accrue the whole amount.

 

Too steep? Try dividing by 24, and see what the two-year horizon looks like.

2. Starting Small and Stockpiling When You’re Able

Most young professionals don’t happen to have three to six months’ worth of income just sitting in their checking accounts, waiting to be moved to an emergency fund. If the method above of dividing your goal by 12 or 24 still yields a monthly number that’s too intimidating, start with whatever you can afford. If it’s $25 per month, great: The point is to pick a number and start stashing some cash.

 

You can also look for ways to fund your account from other sources. For instance, you could deposit any minor windfall — a tax refund, bonus, or even a birthday check from Grandma.

3. Making Consistent Transfers

If you use the method above of putting a windfall into your account, don’t forget about the emergency fund after that. It’s important to keep adding to it, especially in periods of high inflation. The amount of money you’d need to, say, pay the heating bill or plunk down for a car repair is likely to go up over time.

 

That’s why it’s important to keep funneling some money into your savings. If you have a side hustle going, you might want to make a rule to always deposit 10% or 20% of your earnings into the emergency fund to keep that account growing. Sure, you could spend all that pay and feel rich in the moment, or you can save it and increase your wealth over time.

4. Managing Your Expenses and Spending

If you’re feeling as if you just don’t have wiggle room to fund emergency savings, there’s a simple solution: Manage your money better and cut your budget a bit.

 

Take a look, and see where you can make budget cuts. Do you need to eat dinner out three nights a week, or can you cut it down to one? Do you need all of those streaming services you pay for? See where you can eliminate some costs in your budget, and put that extra money towards your emergency fund.

5. Turning on Automatic Saving

Automating your savings is a great, relatively painless way to continue saving money for your emergency fund. Set up regular payments from your checking account into your savings account so that money automatically gets transferred on a weekly or monthly basis. You won’t see the cash in your checking and be tempted to spend it.

6. Not Increasing Your Monthly Spending

Are you familiar with the phrase “lifestyle creep”? This means that, as you earn more, you start spending more. This means that even as your income grows, you’re not building wealth. If you get a raise and then use it on a more expensive car lease or frequent vacations, your savings will struggle to increase.

 

If you keep your spending in check, you can apply at least some of your salary increases to building up that emergency savings account.

Where to Keep Your Emergency Fund

Now that you know how to start an emergency fund, consider where to keep it. The whole point of an emergency fund is that it is easily accessible money, so when and if the unexpected happens (like a big dental bill), you will be able to dip into your account. That means it needs to be liquid. You will likely want to avoid accounts that require your money to be kept on deposit for a certain amount of time, like a certificate of deposit (or CD) account. These typically penalize you if you withdraw the funds early.

 

Interest rates are often fairly low for savings accounts, but if you shop around, you’ll find some out there that pay almost 2%. These high-yield savings accounts are typically offered by online vs. traditional banks. Because they don’t have bricks-and-mortar branches and the related expenses, they can pass the savings along to their clients.

 

Another point to note as you build your emergency savings: Look for an account that is FDIC-insured  . Putting this kind of money into the market, which means there’s risk of loss, is probably not a wise idea. You don’t want to have the value of the fund drop.

Adding to Your Emergency Fund

As noted above, it’s fine to take your time building up your fund, but if you don’t take the first step and start, you’ll never get ahead. If you are struggling (as many people do), to find the cash for this goal, consider these hints:

  • Start a side hustle. You could get a weekend gig walking dogs. Or do you love ceramics? Try selling your pieces on Etsy. There is no limit to what you can try, plus a key benefit of a side hustle is making some extra cash, which you can put towards your emergency fund.
  • Gamify your savings. One month, go without fancy coffee-bar drinks and put the money saved into your emergency fund. The next month, skip takeout and cook at home. Put the extra cash into your rainy day account. You are likely to see the amount climb.

Tips for Staying Motivated to Build Your Emergency Fund

One of the biggest challenges some people face in saving for an emergency fund is motivation. If you find yourself tempted to spend your yearly bonus on a new car or status wristwatch, try this instead: For one week, live on the money you’d get if you filed for unemployment in your state.

 

This is no easy task, and it will give you an idea of exactly what you’re saving up to avoid. If you make it a week, consider if that’s really what you want to go through if you lose your job with no backup in place. Once you commit to focusing on your emergency fund, use the money you didn’t spend that week to start your account.

 

While saving an emergency fund is one of many competing financial priorities, having a cushion to catch you when you fall can prevent a minor calamity from spiraling into lasting debt. The toughest part may be getting started and staying motivated. Just remember, you walk 10 miles by walking 10 feet at a time.

When Should I Use an Emergency Fund?

When you know you have funds in your emergency savings, it can be tempting to dip into it for a variety of reasons that feel urgent but in truth aren’t. For instance, if a coat you have been coveting is marked down by 60% off, that is not a valid use of your emergency fund. Nor is upgrading to the latest mobile phone because you see a good deal.

 

Here’s when you should use an emergency fund:

  • An unplanned, unexpected event
  • An expense that is absolutely necessary
  • A cost that cannot be covered any other way
  • An expense that is urgent and must be paid ASAP

Examples of when these situations might occur include a major car repair that must be paid so you can commute to work regularly or your home insurance plan’s deductible after you experienced storm damage.

 

If an expense meets the criteria above, you can breathe easier knowing that you have the money to take care of the bill.

The Takeaway

Starting and keeping an emergency fund isn’t the most exciting place to put your money, but it is one of the most important. By keeping at least three to six months’ worth of expenses in a liquid account that earns a bit interest, you will be rewarded with peace of mind and an important cushion if you should hit one of life’s unexpected speedbumps.

FAQ

Should I put my windfall towards my emergency fund?

Putting a windfall, like a tax refund or a bonus, towards an emergency fund can be a great idea. Instead of spending the money on a purchase, which is likely to be a passing pleasure, you can put the cash aside and enjoy peace of mind. If an unexpected, urgent bill comes up, you will likely be better prepared to pay it.

How much of my paycheck should go to my emergency fund?

It can be a good idea to calculate what your monthly living expenses are and then multiply that by at least three or six to determine your goal for your emergency fund; then see how much you need to save to reach that in a year or two. If you do like a specific guideline, some experts say to save 20% of your take-home pay for emergencies and retirement.

Does the 50/30/20 rule apply to emergency funds?

The 50/30/20 rule is, in part, designed to help people have funds on hand for an emergency (as well as save money for retirement). The idea is that you spend 50% of your after-tax income on needs, 30% on wants, and 20% on savings. How much of that 20% you allocate to an emergency fund will depend on your own personal situation and your other savings goals.

 

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

 

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Home foreclosure rates are on the rise in these states

 

 

While foreclosures are down overall compared to June, a number of states saw an increase in foreclosure starts in July. This is likely due to these states needing to play catch-up as they begin to process foreclosures on loans that were delinquent prior to the pandemic. The overall rate of foreclosure filings decreased by a little over 4% between June and July, which is either a typical Q3 seasonal drop or an indicator that foreclosure starts are beginning to fall off, as the experts at ATTOM Data Solutions have been predicting.

 

The number of U.S. properties with foreclosure filings in July was 30,358, according to ATTOM Data Solutions. This is up over 143% from a year ago when foreclosures were at historic lows due to federal government and mortgage servicing industry pandemic protections.

 

As the median home sale price cooled a bit from its record high in June of $413,800 to $403,800 in July, sales of existing homes also slowed for the sixth consecutive month, most likely due to mortgage rates rising as high as 6%.

 

However, higher mortgage rates notwithstanding, the median sales price for a home is still close to 11% higher than a year ago, partly as a result of ongoing tight inventory. This is making home ownership unaffordable for many, as wage gains – especially for low and middle-income level workers – are unable to keep pace with home price increases.

 

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

 

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As noted, foreclosure rates are down from last month, but up significantly compared to last year. Read on for July 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 July once again. Having 389,921 total housing units, the fifth least populated state had a foreclosure rate of one in every 55,703 households with seven foreclosures. Only four counties saw foreclosures. The counties with the most foreclosures per housing unit were (from highest to lowest): Butte, 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 20,591 homes for the second month in a row. That puts the fourth least populated state – with 370,642 housing units and 18 foreclosures — in 48th place. The counties with the most foreclosures per housing unit were (from highest to lowest): Morton, Pembina, Ward, Stark, and Cass.

 

 

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The 39th most populated state, West Virginia, ranked 47th once again. It has 855,635 homes, of which 51 went into foreclosure. That means the foreclosure rate was one in every 16,777 homes. The counties with the most foreclosures per housing unit were (from highest to lowest): Tyler, Cabell, Wayne, Marion, and Wetzel.

 

 

 

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The 44th most populated state took the 46th spot. With 33 foreclosures out of 514,803 housing units, its foreclosure rate was one in every 15,600 homes. The counties with the most foreclosures per housing unit were (from highest to lowest): Mineral, Dawson, Powell, Roosevelt, and ​​Big Horn.

 

 

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Ranked 13th for most populated state, Washington came in 45th place again for highest foreclosure rate. It has 3,202,241 housing units, of which 231 went into foreclosure, making the state’s foreclosure rate one in every 13,863 households. The counties with the most foreclosures per housing unit were (from highest to lowest): Grays Harbor, Lincoln, Skamania, San Juan, and Island.

 

 

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With a total 1,994,323 housing units, Kentucky saw 158 homes go into foreclosure. That put the foreclosure rate for the 26th most populated state at one in every 12,622 households and in 44th place for the second month in a row. The counties with the most foreclosures per housing unit were (from highest to lowest): Greenup, Hardin, Hancock, Martin, and Estill.

 

 

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Kansas took the 43rd spot. With 1,275,689 homes and a total of 110 housing units going into foreclosure, the 35th most-populated state’s foreclosure rate was one in every 11,597 households. The counties with the most foreclosures per housing unit were (from highest to lowest): Sumner, Stevens, Brown, Geary, and Mcpherson.

 

 

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The eighth least populated state took the 42nd spot for highest foreclosure rate. A total of 43 homes went into foreclosure out of 483,474 total housing units, making the foreclosure rate for the Ocean State one in every 11,244 households. Only four counties saw foreclosures. The counties with the most foreclosures per housing unit were (from highest to lowest): Newport, Providence, Kent, and Washington.

 

 

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The 38th most populated state, Idaho had 67 homes go into foreclosure. With 751,859 total housing units, the state’s foreclosure rate was one in every 11,222 households. The counties with the most foreclosures per housing unit were (from highest to lowest): Payette, Shoshone, Benewah, Boundary, and Bonneville.

 

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Ranked 33rd for most populated state, Arkansas took the 40th spot for highest foreclosure rate. It has 1,365,265 housing units, of which 126 went into foreclosure, making the state’s latest foreclosure rate one in every 10,835 households. The counties with the most foreclosures per housing unit were (from highest to lowest): Bradley, Ouachita, Crittenden, Lee, and White.

 

 

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The 27th most populated state ranked 39th for highest foreclosure rate. Of Oregon’s 1,813,747 homes, 191 went into foreclosure, making for a foreclosure rate of one in every 9,496 homes. The counties with the most foreclosures per housing unit were (from highest to lowest): Lake, Columbia, Linn, Morrow, and Douglas.

 

 

 

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In Tennessee, the 16th most populated state, there were 350 foreclosures out of 3,031,605 housing units. That put the foreclosure rate at one in every 8,662 homes and in the 38th spot once again. The counties with the most foreclosures per housing unit were (from highest to lowest): Roane, Haywood, Grundy, Polk, and Cheatham.

 

 

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With 325 foreclosures out of 2,727,726 total housing units, Wisconsin, the 20th most populated state, had a foreclosure rate of one in every 8,393 households. The counties with the most foreclosures per housing unit were (from highest to lowest): Ashland, Marinette, Walworth, Juneau, and Langlade.

 

 

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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 36th spot. The counties with the most foreclosures per housing unit were (from highest to lowest): Matanuska-Susitna, Anchorage, Juneau, Fairbanks North Star, and Kenai Peninsula.

 

 

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In Mississippi, the 34th most populated state, there were 159 foreclosures out of 1,319,945 housing units. That put the foreclosure rate at one in every 8,302 homes. The counties with the most foreclosures per housing unit were (from highest to lowest): Clay, Jefferson, Prentiss, Claiborne, and Harrison.

 

 

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The 12th most populated state ranked 34th for highest foreclosure rate, with 443 homes going into foreclosure. Having 3,618,247 total housing units, the state saw a foreclosure rate of one in every 8,168 households. The counties with the most foreclosures per housing unit were (from highest to lowest): Norton City, Hopewell City, Nottoway, Lexington City, and Gloucester.

 

 

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The 41st most populated state, New Hampshire, ranked 33rd for highest foreclosure rate. Of 638,795 homes, 80 went into foreclosure, making for a foreclosure rate of one in every 7,985 households. The counties with the most foreclosures per housing unit were (from highest to lowest): Strafford, Rockingham, Cheshire, Grafton, and Sullivan.

 

 

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The 36th most populated state took the 32nd 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): Torrance, Socorro, Otero, Valencia and Bernalillo.

 

 

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The 19th most populated state, Missouri came in 31st for highest rate of foreclosures. Of its 2,786,621 homes, 387 went into foreclosure, making for a foreclosure rate of one in every 7,201 homes. The counties with the most foreclosures per housing unit were (from highest to lowest): Webster, Phelps, Henry, Sullivan, and Scott.

 

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The 15th most populated state ranked 30th for highest foreclosure rate. Of Massachusetts’ 2,998,537 housing units, 462 went into foreclosure, making for a foreclosure rate of one in every 6,490 homes. The counties with the most foreclosures per housing unit were (from highest to lowest): Berkshire, Hampden, Plymouth, Worcester, and Franklin.

 

 

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Ranked the least populated state in the country, Wyoming claimed the 29th spot for highest foreclosure rate. With 271,887 housing units, of which 42 went into foreclosure, the state’s foreclosure rate was one in every 6,474 households. The counties with the most foreclosures per housing unit were (from highest to lowest): Carbon, Campbell, Washakie, Lincoln, and Crook.

 

 

 

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Ranked 37th for population, Nebraska claimed the 28th spot with a foreclosure rate of one in every 6,445 homes. With a total 844,278 housing units, the state had 131 foreclosure filings. The counties with the most foreclosures per housing unit were (from highest to lowest): Dundy, Morrill, Hamilton, Burt, and Webster.

 

 

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Utah placed 27th for highest foreclosure rate. Of the Beehive State’s 1,151,414 housing units, 180 homes went into foreclosure, making the 30th most-populated state’s foreclosure rate one in every 6,397 households. The counties with the most foreclosures per housing unit were (from highest to lowest): Sevier, Box Elder, Juab, Duchesne, and Tooele.

 

 

 

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Ranked 22nd for most populated state, Minnesota took the 26th spot for highest foreclosure rate. It has 2,485,558 housing units, of which 390 went into foreclosure, making the state’s foreclosure rate one in every 6,373 households. The counties with the most foreclosures per housing unit were (from highest to lowest): Isanti, Chisago, Mille Lacs, Faribault, and Morrison.

 

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Pennsylvania had the 25th highest foreclosure rate once again. The fifth most populated state had a total of 907 housing units out of 5,742,828 homes go into foreclosure, making the state’s foreclosure rate one in every 6,332 households. The counties with the most foreclosures per housing unit were (from highest to lowest): Delaware, Venango, Philadelphia, Schuylkill and Greene.

 

 

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In Arizona, the 14th most populated state, there were 489 foreclosures out of 3,082,000 housing units. That put the foreclosure rate at one in every 6,303 homes. The counties with the most foreclosures per housing unit were (from highest to lowest): Graham, Yuma, Cochise, Pinal, and Pima.

 

 

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The 21st most populated state ranked 23rd for highest foreclosure rate. Of Colorado’s 2,491,404 housing units, 402 went into foreclosure, making for a foreclosure rate of one in every 6,198 homes. The counties with the most foreclosures per housing unit were (from highest to lowest): Lake, Elbert, Moffat, Morgan, and Otero.

 

 

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Oklahoma claimed the 22nd spot. With housing units totaling 1,746,807, the 28th most populated state saw 326 homes go into foreclosure at a rate of one in every 5,358 homes. The counties with the most foreclosures per housing unit were (from highest to lowest): Washita, Harmon, Kingfisher, Canadian, and Ottawa.

 

 

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The ninth most populated state took 21st place for highest foreclosure rate. Out of 4,708,710 homes, 902 went into foreclosure. That put the Tar Heel State’s foreclosure rate at one in every 5,220 homes. The counties with the most foreclosures per housing unit were (from highest to lowest): Camden, Gates, Cumberland, Pasquotank, and Columbus.

 

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Ranked as the ninth least populated state, Maine placed 20th for highest foreclosure rate. With a total of 739,072 housing units, the Pine Tree State saw 143 foreclosures for a foreclosure rate of one in every 5,168 homes. The counties with the most foreclosures per housing unit were (from highest to lowest): Somerset, Aroostook, Washington, Piscataquis, and Waldo.

 

 

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The Lone Star State saw 2,254 foreclosures. With a foreclosure rate of one in every 5142 households, this put the second most populous state with 11,589,324 housing units into the 19th spot. The counties with the most foreclosures per housing unit were (from highest to lowest): Liberty, Cochran, Carson, Reagan, and Freestone.

 

 

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With 1,654 out of a total 8,488,066 housing units going into foreclosure, the fourth most populated state took the 18th spot. New York’s foreclosure rate was one in every 5,132 households. The counties with the most foreclosures per housing unit were (from highest to lowest): Schoharie, Suffolk, Washington, Nassau, and Orleans.

 

 

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Ranked 25th for population, Louisiana took the 17th spot, with 406 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 5,106 households. The counties with the most foreclosures per housing unit were (from highest to lowest): West Baton Rouge, Tangipahoa, Lafayette, Iberville, and Beauregard.

 

 

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The 40th most populated state, Hawaii, came in 16th for highest foreclosure rate. Of 561,066 homes, 115 went into foreclosure, making for a foreclosure rate of one in every 4,879 households. Only four counties in the state had foreclosures. They were (from highest to lowest): Honolulu, Hawaii, Maui, and, Kauai.

 

 

 

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The eighth most populated state, Georgia ranked 15th for highest foreclosure rate. Of its 4,410,956 homes, 932 were foreclosed on. That put the state’s foreclosure rate at one in every 4,733 households. The counties with the most foreclosures per housing unit were (from highest to lowest): Wayne, Glascock, Wilkinson, Long, and Madison.

 

 

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Ranked 24th for most populated, Alabama came in 14th for highest foreclosure rate. Of its 2,288,330 homes, 503 went into foreclosure, making for a foreclosure rate of one in every 4,549 homes. The counties with the most foreclosures per housing unit were (from highest to lowest): Conecuh, Bullock, Jefferson, Mobile, and Calhoun.

 

 

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The country’s most populated state ranked 13th for highest foreclosure rate. Of its 14,392,140 housing units, 3,492 went into foreclosure, making California’s foreclosure rate one in every 4,121 households. The counties with the most foreclosures per housing unit were (from highest to lowest): Trinity, Yuba, Siskiyou, Kern, and Calaveras.

 

 

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Iowa had the 12th highest foreclosure rate. With 358 housing units out of 1,412,789 homes going into foreclosure, the 31st most populated state’s foreclosure rate was one in every 3,946 homes. The counties with the most foreclosures per housing unit were (from highest to lowest): Monroe, Lucas, Greene, Osceola, and Keokuk.

 

 

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Ranking 10th in population, Michigan took the 11th spot with a foreclosure rate of one in every 3,677 homes. With a total of 4,570,173 housing units, the state had 1,243 foreclosure filings. The counties with the most foreclosures per housing unit were (from highest to lowest): Shiawassee, Bay, Calhoun, Muskegon, and Genesee.

 

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With 432 of its 1,530,197 homes going into foreclosure, Connecticut had the 10th highest foreclosure rate at one in every 3,542 households. In the 29th most populated state, the counties that had the most foreclosures per housing unit were (from highest to lowest): Windham, New Haven, Fairfield, Litchfield, and Hartford.

 

 

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The 17th largest state by population, Indiana took the ninth spot with a foreclosure rate of one in every 3,348 homes. Of its 2,923,175 homes, 873 homes were foreclosed on in July. The counties with the most foreclosures per housing unit were (from highest to lowest): Clinton, Pulaski, Vermillion, Howard, and Madison.

 

 

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The third most populated state in the country has a total of 9,865,350 housing units, of which 3,001 went into foreclosure. The state’s foreclosure rate is one in every 3,287 homes. The counties with the most foreclosures per housing unit were (from highest to lowest): Taylor, Escambia, Polk, Broward, and Okeechobee.

 

 

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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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Ranked 18th for most populated state, Maryland took sixth place for highest foreclosure rate. With a total of 2,530,844 housing units, of which 826 housing units went into foreclosure, the state’s foreclosure rate was one in every 3,064 households. The counties with the most foreclosures per housing unit were (from highest to lowest): Charles, Allegany, Queen Anne’s County, Baltimore City, and Caroline.

 

 

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With one in every 2,976 homes going into foreclosure, South Carolina took the fifth spot once again. Ranked 23rd for population, South Carolina has 2,344,963 housing units and saw 788 foreclosure filings. The counties with the most foreclosures per housing unit were (from highest to lowest): Kershaw, Fairfield, Orangeburg, Richland, and Barnwell.

 

 

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Ranking 32nd in population, Nevada took the fourth spot for foreclosure rate for the second month in a row. With one in every 2,609 homes going into foreclosure, and a total of 1,281,018 housing units, the state had 491 foreclosure filings. The counties with the most foreclosures per housing unit were (from highest to lowest): White Pine, Humboldt, Lander, Clark, and Pershing.

 

 

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With a foreclosure rate of one in every 2,564 homes, New Jersey placed third for highest foreclosure rate. The 11th most populated state has 3,761,229 housing units, of which 1,467 went into foreclosure. The counties with the most foreclosures per housing unit were (from highest to lowest): Salem, Sussex, Cumberland, Warren, and Gloucester.

 

 

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Illinois slipped from first to second place in July. Of its 5,426,429 homes, 2,325 went into foreclosure, making the sixth most populated state’s foreclosure rate one in every 2,334. The counties with the most foreclosures per housing unit were (from highest to lowest): Mason, Macoupin, Rock Island, Will, and Edgar.

 

 

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The sixth least populated state in the country, Delaware nabbed the top spot for highest foreclosure rate. With one in every 2,127 homes going into foreclosure and a total 448,735 housing units, Delaware saw a total of 211 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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Of all 50 states, California had the most foreclosure filings (3,492); South Dakota had the least (7). As for the states with the highest foreclosure rates, Delaware, Illinois, and New Jersey took the top three spots, respectively.

 

Two regions – The Great Lakes and the Mideast – 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 Mideast region were (from highest to lowest): Delaware, New Jersey, and Maryland.

 

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.

 

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

 

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