It would be tough to pick a more pleasant place than Utah to buy a home, whether you’re into enjoying the great outdoors or prefer life in the big city. But for first-time homebuyers in Utah, putting down roots can be a challenge.
Though home prices in Utah — and across the country — may cool down in the months ahead if interest rates keep rising, for now, affordability can be a problem.
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According to Redfin, the median selling price of a home in Utah rose to $575,700 in May 2022, a 25.5% increase in just 12 months. In some communities, the numbers were even more daunting. In Salt Lake City, home prices were up 36.3% year-over-year, with a median sales price of $613,500. In Sandy, prices were up 25.2% compared to last year, for a median price of $670,000.
Fortunately, first-time homebuyers in Utah may be able to get some financial help through programs offered by the state and some cities and counties. There also are longstanding federal programs that could improve a buyer’s chances of success.
Recommended: The SoFi Guide to First-Time Home Buying
Who Is Considered a First-Time Homebuyer in Utah?
The answer to that question isn’t as obvious as it seems. For most programs offered in Utah and elsewhere, applicants are considered first-time homebuyers if they haven’t owned a home for the past three years.
Some programs may make exceptions for veterans, single parents, and others. It’s a good idea to be clear on specific eligibility standards before you start any application.
3 Utah Programs for First-Time Homebuyers
The Utah Housing Corporation (UHC), also known as Utah Housing, provides several assistance options for first-time buyers who might need help obtaining an affordable loan and/or coming up with a down payment.
Because the programs were established to assist low- to moderate-income buyers, participants may have to meet certain income limits and other criteria. There also may be a limit on how much the purchased home can cost.
1. Utah Housing FirstHome and HomeAgain Loan Programs
If you’re a first-time homebuyer with a modest income looking for a low interest rate, the FirstHome Loan program may be for you. This program typically offers the UHC’s lowest available interest rate on a first mortgage, which may be paired with a second mortgage for down payment assistance. The FirstHome program is available only to qualifying first-time homebuyers.
The HomeAgain Loan program has similar benefits and requirements, but it is available to first-time and repeat homebuyers.
Type of Assistance: Lower-interest first mortgage with the opportunity to obtain a UHC down payment second loan that’s up to 6% of the first mortgage amount. The 30-year fixed-rate second mortgage is fully amortized (it is not forgivable). The second loan interest rate is 2% higher than the first mortgage rate.
Benefits and Qualifications include:
• Second loan can be used for down payment and/or closing costs
• Minimum credit score of 660
• Must meet UHC income and purchase price limits
More information: UHC – Home Loans (utahhousingcorp.org)
To apply: An approved lender can help you get started.
2. Utah Housing Score Loan Program
The Score Loan program was created to help families who have recovered from previous credit challenges purchase a home. The program provides borrowers with a first mortgage and the opportunity to apply for a second mortgage of up to 4% of the first mortgage amount for down payment assistance and/or closing costs. It is available to both first-time and repeat buyers.
Type of assistance:First mortgage can be paired with a fully amortized, non-forgivable second loan with an interest rate that is 2% higher than the first mortgage and can be up to 4% of the first loan amount.
Qualifications:
• Minimum credit score of 620
• Must meet UHC income and purchase price limits
More information: UHC – Home Loans (utahhousingcorp.org)
To apply: An approved lender can help you get started.
3. Utah Housing Veterans First-time Homebuyer Grant
Utah Housing has a grant program that benefits qualifying Utah veterans who are first-time homebuyers. The grant is for $2,500, and it doesn’t necessarily have to go toward the recipient’s down payment and closing costs.
Benefits and Qualifications include:
• Homebuyers can choose any conforming mortgage type, such as VA, FHA, Fannie Mae, or Freddie Mac
• Can use any lender licensed to originate mortgages in Utah
• Must be a first-time homebuyer in Utah (can have owned a home in another state)
• Must obtain Veterans Grant Status Validation from the Utah Department of Veterans and Military Affairs
• Lender must receive a Veterans Grant Reservation Agreement from Utah Housing prior to closing
• Funds are limited; it’s important to pay attention to all deadlines
More information: UHC – Grants for Veterans (utahhousingcorp.org) You also can contact the Department of Veterans and Military Affairs at 801‑326‑2372.
To apply: Take your Veterans Grant Status Validation to any lender licensed to originate loans in Utah and ask about a Utah Veterans Grant.
Other Utah Homebuyer Programs by Location
If you already know which Utah community you hope to make your home, you also may want to research local first-time homebuyer programs. If you can’t find assistance in your chosen location, you may want to check back occasionally for new offers. Some first-time homebuyer programs base their opportunities (and deadlines) on the funds they expect to become available. When their money runs out, they may press pause.
Clearfield City Down Payment Assistance Program
Qualifying first-time homebuyers in Clearfield City may qualify for a matching grant of up to $7,500 to help cover their down payment and closing costs. The grant, which is administered by the Davis Community Housing Authority, is forgiven over a period of seven years. It can be used for a single-family detached home, condominium, or townhome with a maximum purchase price of $400,000.
Applicants must meet income limits and other criteria. You can go to the program’s web page to check out the benefits and requirements, or call 801-939-9198 to verify the availability of funds.
At Home in Layton Down Payment Assistance Program
Layton City offers the At Home in Layton Down Payment Assistance Program to income-eligible first-time homebuyers. The assistance comes in the form of a grant of up to $7,500 that can be used for a down payment, closing costs, or principal reduction. If the purchased home is sold before the end of the fifth year after closing, all or a portion of the grant may have to be repaid to the city.
Funds are limited, and applications are accepted on a first-come, first-served basis. For more information, you can check out the program’s web page or go to the brochure for application guidelines. Contact the Layton City Community Development Block Grant administrator at 801-336-3770 or mcloward@laytoncity.org.
Own in Ogden Loan Program
The Own in Ogden loan program provides qualifying first-time and repeat homebuyers with a 0% interest, deferred-payment second loan for their down payment or closing costs. The loan also can be used to reduce the principal on the buyer’s first mortgage.
• Homebuyers can receive $10,000 to purchase a primary residence in Ogden
• State-certified K-12 classroom teachers or administrators in schools that serve city students can receive a $15,000 loan
• Ogden employees and new hires who don’t currently live in the city can receive a loan of up to $15,000 to help them move there
• Ogden police officers and firefighters can receive a $20,000 loan Income and purchase limits apply. For more information, you can go to the program’s web page or go to the program brochure for application guidelines.
Provo Home Purchase Plus Program
The Provo Home Purchase Plus Program offers eligible homeowners the opportunity to apply for a 0% interest, deferred-payment second loan to help pay their down payment and closing costs. Payment is due in full when the borrower no longer lives in the home as their primary residence. (If the home is sold or vacated within two years of purchase, there may be a $5,000 penalty.)
Income limits, asset limits, credit requirements, and purchase price limits apply, and all household members over 18 must pass a background check. For more information, check out the program’s web page or call 801-852-6160.
Utah County Loan to Own Program
Utah County’s Loan to Own program provides down payment assistance to moderate-income first-time homebuyers in the form of a 0% interest, deferred-payment second loan. The loan must be repaid if the owner vacates or sells the property, and there is a $5,000 penalty if the owner does so within two years of closing.
This program is available countywide except for Eagle Mountain, Alpine, Fairfield, and Provo. Buyers must contribute $1,000 of their own money toward the down payment. Income limits, asset limits, credit requirements, and purchase price limits apply. You can get more information at the program’s web page or call 801-852-6400.
How to Apply to Utah Programs for First-Time Homebuyers
Follow the links under each program to find an approved lender or other contact.
Recommended: Understanding Mortgage Basics
Federal Programs for First-Time Homebuyers
Several federal government programs are designed for people who have low credit scores or limited cash for a down payment. Although most of these programs are available to repeat homeowners, like state programs, they can be especially helpful to people who are buying a first home or who haven’t owned a home in several years.
The mortgages are generally for single-family homes, two- to four-unit properties that will be owner occupied, approved condos, townhomes, planned unit developments, and some manufactured homes.
Federal Housing Administration (FHA) Loans
The FHA, which is part of the U.S. Department of Housing and Urban Development (HUD), insures mortgages for borrowers with lower credit scores. Homebuyers choose from a list of approved lenders that participate in the program. Loans have competitive interest rates and require a down payment of 3.5% of the purchase price for borrowers with FICO credit scores of 580 or higher. Those with scores as low as 500 must put at least 10% down.
Gift money for the down payment is allowed from certain donors and will be documented in a gift letter for the mortgage.
FHA loans always require mortgage insurance: a 1.75% upfront fee and annual premiums for the life of the loan, unless you make a down payment of at least 10%, which allows the removal of mortgage insurance after 11 years. You can learn more about FHA loans in general and FHA mortgage limits by area by area.
Freddie Mac Home Possible Mortgages
Very low- and low-income borrowers may make a 3% down payment on a Home Possible mortgage. These loans allow various sources for down payments, including co-borrowers, family gifts, employer assistance, secondary financing, and sweat equity.
The Home Possible mortgage is for buyers who have a credit score of at least 660.
Once you pay 20% of your loan, mortgage insurance will be canceled, which will lower your mortgage payments.
Fannie Mae HomeReady Mortgages
Fannie Mae HomeReady Mortgages allow down payments as low as 3% for low-income borrowers. Applicants generally need a credit score of at least 620; pricing may be better for credit scores of 680 and above. Like the Freddie Mac program, HomeReady loans allow flexibility for down payment financing, such as gifts and grants.
For income limits, a comparison to an FHA loan, and other information, go to this Fannie Mae site.
Fannie Mae Standard 97 LTV Loan
The conventional 97 LTV loan is for first-time homebuyers of any income level who have a credit score of at least 620 and meet debt-to-income criteria. The 97% loan-to-value mortgage requires 3% down. Borrowers can get down payment and closing cost assistance from third-party sources.
Department of Veterans Affairs (VA) Loans
Active-duty members of the military, veterans, and eligible family members may apply for loans backed by the Department of Veterans Affairs. VA loans, to buy, build, or improve homes, have lower interest rates than most other mortgages and don’t require a down payment. Most borrowers pay a one-time funding fee that can be rolled into the mortgage.
Native American Veteran Direct Loans (NADLs)
Eligible Native American veterans and their spouses may use these no-down-payment loans to buy, improve, or build a home on federal trust land. Unlike VA loans listed above, the Department of Veterans Affairs is the mortgage lender on NADLs. The VA requires no mortgage insurance, but it does charge a funding fee.
U.S. Department of Agriculture (USDA) Loans
No down payment is required on these loans to moderate-income borrowers that are guaranteed by the USDA in specified rural areas. Borrowers pay an upfront guarantee fee and an annual fee that serves as mortgage insurance.
The USDA also directly issues loans to low- and very low-income people. For loan basics and income and property eligibility, head to this USDA site.
HUD Good Neighbor Next Door Program
This program helps police officers, firefighters, emergency medical technicians, and teachers qualify for mortgages in the areas they serve. Borrowers can receive 50% off a home in what HUD calls a “revitalization area.” They must live in the home for at least three years.
First-Time Homebuyer Stats for 2022
Ever wonder where you fit amid the mix of buyers who are out there shopping for their first home or first in a while? Here are some stats from a recent National Association of Realtors Profile of Home Buyers and Sellers:
Percentage of buyers nationwide who are first-time buyers: 34%
Percentage of buyers in the NAR’s West region who are first-time buyers: 34%
Median household income of first-time buyers nationwide: $86,500
Type of home purchased by first-time buyers nationwide:
• Detached single-family home: 80%
• Townhouse/rowhouse: 9%
• Condo/apartment (five or more units): 1%
• Duplex/condo/apartment (two to four units: 2%
• Other: 8%
Median home price for first-time buyers nationwide: $252,000
Median down payment for first-time buyers nationwide: 7%
Median age of first-time buyers nationwide: 33
Relationship status of first-time buyers nationwide:
• Married: 50%
• Single females: 20%
• Unmarried couples: 17%
• Single males: 11%
First-time buyers with kids nationwide:
• No children: 70%
• One child: 15%
• Two children: 11%
• Three or more children: 5%
Additional Financing Tips for First-Time Homebuyers
In addition to federal and state government-sponsored lending programs, there are other financial strategies that may help you become a homeowner. Some examples:
• Traditional IRA withdrawals. The IRS allows qualifying first-time homebuyers a one-time, penalty-free withdrawal of up to $10,000 from their IRA if the money is used to buy, build, or rebuild a home. The IRS considers anyone who has not owned a primary residence in the past three years a first-time homebuyer. You will still owe income tax on the IRA withdrawal. If you’re married and your spouse has an IRA, they may also make a penalty-free withdrawal of $10,000 to purchase a home. The downside, of course, is that large withdrawals may jeopardize your retirement savings.
• Roth IRA withdrawals. Because Roth IRA contributions are made with after-tax money, the IRS allows tax- and penalty-free withdrawals of contributions for any reason as long as you’ve held the account for five years. You may also withdraw up to $10,000 in earnings from your Roth IRA without paying taxes or penalties if you are a qualifying first-time homebuyer and you have had the account for five years. With accounts held for less than five years, homebuyers will pay income tax on earnings withdrawn.
• 401(k) loans. If your employer allows borrowing from the 401(k) plan that it sponsors, you may consider taking a loan against the 401(k) account to help finance your home purchase. With most plans, you can borrow up to 50% of your 401(k) balance, up to $50,000, without incurring taxes or penalties. You pay interest on the loan, which is paid into your 401(k) account. You usually have to pay back the loan within five years, but if you’re using the money to buy a house, you may have up to 15 years to repay.
• State and local down payment assistance programs. Usually offered at the regional or county level, these programs provide flexible second mortgages for first-time buyers looking into how to afford a down payment.
• The mortgage credit certificate program. First-time homeowners and those who buy in targeted areas can claim a portion of their mortgage interest as a tax credit, up to $2,000. Any additional interest paid can still be used as an itemized deduction. To qualify for the credit, you must be a first-time homebuyer, live in the home, and meet income and purchase price requirements, which vary by state. If you refinance, the credit disappears, and if you sell the house before nine years, you may have to pay some of the tax credit back. There are fees associated with applying for and receiving the mortgage credit certificate that vary by state. Often the savings from the lifetime of the credit can outweigh these fees.
• Your employer. Your employer may offer access to lower-cost lenders and real estate agents in your area, as well as home buying education courses.
• Your lender. Always ask your lender about any first-time homebuyer grant or down payment assistance programs available from government, nonprofit, and community organizations in your area.
The Takeaway
Utah has a stream of state and local assistance for low- to moderate-income first-time homebuyers. Other first-time buyers may find a good choice among the vast landscape of mortgages on their own.
FAQ
Should I take first-time homebuyer classes?
Yes! Good information is key to a successful home-buying experience for anyone, but especially for newcomers, who can easily be overwhelmed by the jargon, technicalities, and magnitude of applying for a mortgage and purchasing a home. First-time homebuyer classes can help. Indeed they are required for many government-sponsored loan programs.
Do first-time homebuyers with bad credit qualify for homeownership assistance?
Often they do. Many government and nonprofit homeowner assistance programs are available to people with low credit scores. And often, interest rates and other loan pricing are competitive with those of loans available to borrowers with higher credit scores. That said, almost any lending program has credit qualifications.
What credit score do I need for first-time homebuyer assistance in Utah?
Utah Housing’s credit score requirements range from 620 to 660, but requirements for other programs vary, and some may use criteria other than credit scores to determine a borrower’s eligibility. You can check with the organization or lender offering first-time homebuyer assistance to get specific financial requirements.
Is there a first-time veteran homebuyer assistance program in Utah?
Utah Housing offers a first-time homebuyer grant program that’s specifically for veterans.
Then there are VA loans, available nationwide to eligible service members, veterans, and eligible surviving spouses.
What is the average age of first-time homebuyers?
The median age is 33, according to the National Association of Realtors.
Learn More:
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
After September’s short–but sweet–downtick in foreclosure rates, October has reestablished the year-long trend of increased filings. The number of U.S. housing units that went into foreclosure in October 2022 was 32,376, according to the experts at ATTOM Data Solutions. This is a considerable 57% surge from a year ago. However, it is only up roughly 2% from September.
Despite rising inflation and recession fears continuing to make headlines, foreclosure rates are still far below pre-pandemic levels, and likely won’t return to these “normal” levels until mid-2023. So why in such a volatile economy are there fewer foreclosures than in 2019? Mortgage interest rates have been stubbornly hovering around 7% this past month, a sharp contrast to the 3% rate it was at the same time last year.
Americans, young and old, seem to be rejecting the idea of homeownership altogether, instead opting to rent or move in with family. Fewer housing units results in fewer foreclosures. With the national average price of a residence continuing to climb–it’s up about 34% from last year–the decision to forego purchasing a home is hardly a surprise.
Ironically, winter is considered the best season of the year to purchase a home. Due to fewer listings and turbulent weather, the competition is significantly less in the winter months than in the spring. Owners and real estate agents are usually anxious to sell, giving buyers a definite advantage.
Read on for the foreclosure rates in October 2022 – plus the five counties and/or county equivalents with the highest rates within those states.
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As previously noted, foreclosure rates increased minutely compared to last month, but are up significantly compared to last year. Read on for October 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 second-and-third-least populous states, Washington, D.C. had 68 foreclosures in October, a substantial hike compared to September’s 24 foreclosures. With a total of 350,364 housing units, the foreclosure rate of the Nation’s Capital was one in every 5,152 households, putting it in between the states of Maine (#19) and Texas (#20).
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The Mount Rushmore State unsurprisingly nabbed the 50th spot for its October foreclosure rate for the second month in a row. Having 389,921 total housing units, the fifth-least populous 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): Lake, Meade, Lincoln and Minnehaha.
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In 49th place for population, the Green Mountain State maintained its 49th rank for foreclosure rate as well. Of the state’s 334,318 housing units, seven homes went into foreclosure at a rate of one in every 47,760 households. Only four counties observed foreclosures. The counties with the most foreclosures per housing unit were (from highest to lowest): Caledonia, Windsor, Orleans, and Washington.
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Listed as 44th in population, the Treasure State also took the 48th spot. With 27 foreclosures out of 514,803 housing units, its foreclosure rate was one in every 19,067 homes. The counties with the most foreclosures per housing unit were (from highest to lowest): Golden Valley, Sheridan, Dawson, and Jefferson.
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The Sunflower State retained its 47th spot from last month, a positive sign after August’s 25th rank. With 1,275,689 homes and a total of 82 housing units going into foreclosure, the 35th most populous state’s foreclosure rate was one in every 15,557 households. The counties with the most foreclosures per housing unit were (from highest to lowest): Haskell, Hodgeman, Edwards, Cherokee, and Clay.
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Ranked 39th in population, the Mountain State earned the 46th spot this month. It has 855,635 housing units, of which 68 went into foreclosure. This means that the foreclosure rate was one in every 12,583 homes. The counties with the most foreclosures per housing unit were (from highest to lowest): Hancock, Tyler, Wayne, Marshall, and Cabell.
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With a total of 1,994,323 housing units, the Bluegrass State saw 171 homes go into foreclosure, sustaining its 45th ranking from September. This puts the foreclosure rate for the 26th most populous state at one in every 11,663 households. The counties with the most foreclosures per housing unit were (from highest to lowest): Boyd, Hardin, Franklin, Barren, and Henderson.
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The country’s least populous state claimed the 44th spot for highest foreclosure rate in October, a vast improvement over September’s 27th ranking. With 271,887 housing units, of which 24 went into foreclosure, the Equality State’s foreclosure rate was one in every 11,329 households. The counties with the most foreclosures per housing unit were (from highest to lowest): Converse, Sweetwater, Big Horn, Goshen, and Natrona.
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New Hampshire, the 41st most populous state, ranked 43rd for highest foreclosure rate. The granite state saw 61 of its 638,795 homes go into foreclosure, making for a foreclosure rate of one in every 10,472 households. The counties with the most foreclosures per housing unit were (from highest to lowest): Carroll, Cheshire, Hillsborough, Merrimack, and Strafford.
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Sorted as 13th in population, the Evergreen State kept its rank of 42nd for highest foreclosure rate. It has 3,202,241 housing units, of which 319 went into foreclosure, making the state’s foreclosure rate one in every 10,038 households. The counties with the most foreclosures per housing unit were (from highest to lowest): Lewis, Douglas, Skagit, Cowlitz, and Lincoln.
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The Peace Garden State’s foreclosure rate was one in every 9,754 homes. This puts the fourth-least populous state – with 370,642 housing units and 38 foreclosures — in 41st place, a slight increase from last month’s 48th spot. Only four counties saw foreclosures. The counties with the most foreclosures per housing unit were (from highest to lowest): Morton, Ward, Burleigh, and Cass.
Recommended: Tips on Buying a Foreclosed Home
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Ranked 38th in population, the Gem State earned the 40th spot as 83 of its homes went into foreclosure in October. With 751,859 total housing units, the state’s foreclosure rate was one in every 9,059 households. The counties with the most foreclosures per housing unit were (from highest to lowest): Lewis, Washington, Bonneville, Cassia, and Owyhee.
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The eighth-least populous state took the 39th spot for highest foreclosure rate. A total of 54 homes went into foreclosure out of 483,474 total housing units, making the foreclosure rate for the Ocean State one in every 8,953 households. Only four of the five counties in the state had foreclosures. The counties with the most foreclosures per housing unit were (from highest to lowest): Providence, Bristol, Kent, and Washington.
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Listed as 19th in population, the Show-Me State came in 38th for highest rate of foreclosures. Of its 2,786,621 homes, 333 went into foreclosure, making for a foreclosure rate of one in every 8,368 homes. The counties with the most foreclosures per housing unit were (from highest to lowest): Buchanan, Mercer, Atchison, Crawford, and Webster.
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The 27th most populous state ranked 37th for highest foreclosure rate. Of the Pacific Wonderland’s 1,813,747 homes, 217 went into foreclosure, making for a foreclosure rate of one in every 8,358 homes. The counties with the most foreclosures per housing unit were (from highest to lowest): Crook, Grant, Lake, Baker, and Klamath.
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With 327 foreclosures out of 2,727,726 total housing units, America’s Dairyland and the 20th most populous state had a foreclosure rate of one in every 8,342 households. The counties with the most foreclosures per housing unit were (from highest to lowest): Marquette, Marinette, Douglas, Dodge, and Sauk.
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Sorted as 37th in population, the Cornhusker State ranked 35th with a foreclosure rate of one in every 8,277 homes. With a total 844,278 housing units, the state had 102 foreclosure filings. The counties with the most foreclosures per housing unit were (from highest to lowest): Webster, Kearney, Dawes, Morrill, and Polk.
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The Last Frontier saw 44 foreclosures, making the foreclosure rate one in every 7,216 homes. This caused the third-least populous state, with a total of 317,524 housing units, to clinch the 34th spot, a significant drop from last month’s 19th position. Only three boroughs and one census area saw foreclosures. The boroughs and census area with the most foreclosures per housing unit were (from highest to lowest): Anchorage, Matanuska-Susitna, Fairbanks North Star, and Kenai Peninsula.
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Ranked 22nd for most populous state, the Land of 10,000 Lakes took the 33rd spot for highest foreclosure rate. It has 2,485,558 housing units, of which 349 went into foreclosure, making the state’s foreclosure rate one in every 7,122 households. The counties with the most foreclosures per housing unit were (from highest to lowest): Faribault, Waseca, Rice, Sherburne, and Anoka.
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Sorted as 25th in population, the Pelican State took the 32nd spot, a drastic drop from last month’s 22nd ranking. This means that the state had a foreclosure rate of one in every 6,911 households, with 300 homes out of a total of 2,073,200 housing units going into foreclosure. The parishes with the most foreclosures per housing unit were (from highest to lowest): Tangipahoa, St. Martin, Livingston, Iberville, and Bienville.
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The Sooners State claimed the 31st spot, a pleasant downtick from September’s 40th ranking. With housing units totaling 1,746,807, the 28th most populous state saw 260 homes go into foreclosure at a rate of one in every 6,718 homes. The counties with the most foreclosures per housing unit were (from highest to lowest): Coal, Woodward, Ellis, Kingfisher, and Nowata.
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The 21st most populous state ranked 30th for highest foreclosure rate. Of the Centennial State’s 2,491,404 housing units, 371 went into foreclosure, making for a foreclosure rate of one in every 6,715 homes. The counties with the most foreclosures per housing unit were (from highest to lowest): Kit Carson, Garfield, Park, Pueblo, and Gilpin.
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Ranked 16th in population, the Volunteer State endured 452 foreclosures out of its 3,031,605 housing units. This puts the foreclosure rate at one in every 6,707 homes and in the 29th spot. The counties with the most foreclosures per housing unit were (from highest to lowest): Meigs, Lauderdale, Dickson, Hardeman, and Hamblen.
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Listed as 24th in population, the Yellowhammer State came in 28th for highest foreclosure rate. Of its 2,288,330 homes, 348 went into foreclosure, making for a foreclosure rate of one in every 6,576 homes. The counties with the most foreclosures per housing unit were (from highest to lowest): Geneva, Crenshaw, Jefferson, Fayette, and Mobile.
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The 12th most populous state ranked 27th for highest foreclosure rate, with 578 homes going into foreclosure. Having 3,618,247 total housing units, the Old Dominion saw a foreclosure rate of one in every 6,260 households. The counties and independent cities with the most foreclosures per housing unit were (from highest to lowest): Martinsville City, Danville City, King and Queen, Caroline, and Lancaster.
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Ranked 34th in population, the Magnolia State experienced 214 foreclosures out of 1,319,945 housing units. This puts the foreclosure rate at one in every 6,168 homes. The counties with the most foreclosures per housing unit were (from highest to lowest): Pearl River, Claiborne, Walthall, Warren, and Stone.
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Sorted as 14th in population, the Grand Canyon State withstood 503 foreclosures out of its 3,082,000 housing units. This puts the foreclosure rate at one in every 6,127 homes. The counties with the most foreclosures per housing unit were (from highest to lowest): Graham, Cochise, Pinal, Yuma, and Mohave.
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The 36th most populous state claimed the 24th spot for highest foreclosure rate. Of the Land of Enchantment’s 940,859 homes, 155 went into foreclosure, making for a foreclosure rate of one in every 6,070 homes. The counties with the most foreclosures per housing unit were (from highest to lowest): Sandoval, Chaves, Eddy, Valencia, and Otero.
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The Paradise of the Pacific, and the 40th most populous state, came in 23rd for highest foreclosure rate. Of its 561,066 homes, 95 went into foreclosure, making for a foreclosure rate of one in every 5,906 households. Only four of the five counties in the state had foreclosures. They were (from highest to lowest): Honolulu, Hawaii, Kauai, and Maui.
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The Beehive State placed 22nd for highest foreclosure rate. Of its 1,151,414 housing units, 199 homes went into foreclosure, making the 30th most populous state’s foreclosure rate one in every 5,786 households. The counties with the most foreclosures per housing unit were (from highest to lowest): Juab, Sevier, Box Elder, Uintah, and Tooele.
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The 15th most populous state ranked 21st for highest foreclosure rate. Of 2,998,537 housing units, 520 went into foreclosure, making for a foreclosure rate of one in every 5,766 homes. The counties with the most foreclosures per housing unit were (from highest to lowest): Plymouth, Hampden, Franklin, Bristol, and Hampshire.
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The Lone Star State saw 2,084 foreclosures this month. With a foreclosure rate of one in every 5,561 households, this puts the second-most populous state in the U.S., with 11,589,324 housing units, into the 20th spot. The counties with the most foreclosures per housing unit were (from highest to lowest): Liberty, Dallam, Red River, Kaufman, and Martin.
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Ranked 42nd in population, the Pine Tree State placed 19th for highest foreclosure rate. With a total of 739,072 housing units, it saw 145 foreclosures for a foreclosure rate of one in every 5,097 homes. The counties with the most foreclosures per housing unit were (from highest to lowest): Penobscot, Aroostook, Kennebec, Washington, and Somerset.
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With 306 of its 1,530,197 homes going into foreclosure, the Land of Steady Habits had the 18th highest foreclosure rate at one in every 5,001 households. In the 29th most populous state, the counties that had the most foreclosures per housing unit were (from highest to lowest): New Haven, Litchfield, Fairfield, Windham, and Tolland.
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The Keystone State has the 17th highest foreclosure rate. The fifth-most populous state saw a total of 1,161 housing units out of 5,742,828 homes go into foreclosure, making the state’s foreclosure rate one in every 4,946 households. The counties with the most foreclosures per housing unit were (from highest to lowest): Philadelphia, Delaware, Berks, Bucks, and Wyoming.
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Ranked eighth in population, the Peach State acquired the 16th spot yet again for highest foreclosure rate. Of its 4,410,956 homes, 923 were foreclosed on. This puts the state’s foreclosure rate at one in every 4,779 households. The counties with the most foreclosures per housing unit were (from highest to lowest): Calhoun, Talbot, Marion, Rockdale, and Banks.
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Listed as the 33rd most populous state, the Land of Opportunity took 15th place for highest foreclosure rate in October, a considerable jump from September’s 38th spot. The state has 1,365,265 housing units, of which 287 went into foreclosure, making the state’s latest foreclosure rate one in every 4,757 households. The counties with the most foreclosures per housing unit were (from highest to lowest): Mississippi, Ashley, Jackson, Sharp, and Johnson.
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The third-most populous state in the country has a total of 9,865,350 housing units, of which 2,217 went into foreclosure. The Sunshine State’s foreclosure rate is one in every 4,450 homes. The counties with the most foreclosures per housing unit were (from highest to lowest): Wakulla, Liberty, Bradford, Clay, and Gadsden.
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With 2,061 out of a total 8,488,066 housing units going into foreclosure, the Empire State claimed the 13th spot in October. The fourth-most populous state’s foreclosure rate was one in every 4,118 households. The counties with the most foreclosures per housing unit were (from highest to lowest): Greene, St. Lawrence, Putnam, Montgomery, and Orange.
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Ranked 10th in population, the Wolverine State secured the 12th spot with a foreclosure rate of one in every 3,988 homes. With a total of 4,570,173 housing units, the state had 1,146 foreclosure filings. The counties with the most foreclosures per housing unit were (from highest to lowest): Ionia, Muskegon, Genesee, Otsego, and Hillsdale.
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The Hawkeye State had the 11th highest foreclosure rate. With 360 housing units out of 1,412,789 homes going into foreclosure, the 31st most populous state’s foreclosure rate was one in every 3,924 homes. The counties with the most foreclosures per housing unit were (from highest to lowest): Woodbury, Emmet, Pottawattamie, Winnebago, and Des Moines.
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The country’s most populous state ranked 10th for highest foreclosure rate. Of its 14,392,140 housing units, 3,942 went into foreclosure, making the Golden State’s foreclosure rate one in every 3,651 households. The counties with the most foreclosures per housing unit were (from highest to lowest): Trinity, Lake, Kern, Shasta, and San Bernardino.
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The 17th largest state by population, the Crossroads of America grasped the ninth spot with a foreclosure rate of one in every 3,113 homes. Of its 2,923,175 housing units, 939 homes were foreclosed on in October. The counties with the most foreclosures per housing unit were (from highest to lowest): Blackford, Vermillion, Vanderburgh, Porter, and Clark.
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Ranked 18th for most populous state, America in Miniature took eighth place for highest foreclosure rate. With a total of 2,530,844 housing units, of which 816 housing units went into foreclosure, the state’s foreclosure rate was one in every 3,102 households. The counties and independent cities with the most foreclosures per housing unit were (from highest to lowest): Caroline, Charles, Calvert, Baltimore City, and Prince George’s County.
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The ninth-most populous state claimed seventh place for highest foreclosure rate, contrasting unfavorably with last month’s 28th spot. Out of 4,708,710 homes, 1,523 went into foreclosure. This puts the Tar Heel State’s foreclosure rate at one in every 3,092 homes. The counties with the most foreclosures per housing unit were (from highest to lowest): Gates, Jones, Camden, Cumberland, and Edgecombe.
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The Buckeye State took sixth place in October with a foreclosure rate of one in every 2,802 homes. With a total of 5,242,524 housing units, the seventh-most populous state had a total of 1,871 filings. The counties with the most foreclosures per housing unit were (from highest to lowest): Columbiana, Cuyahoga, Lake, Seneca, and Stark.
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Ranking 32nd in population, the Silver State took the fifth spot for foreclosure rate. With one in every 2,755 homes going into foreclosure, and a total of 1,281,018 housing units, the state had 465 foreclosure filings. The counties with the most foreclosures per housing unit were (from highest to lowest): Clark, Humboldt, Lyon, Washoe, and Douglas.
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With one in every 2,711 homes going into foreclosure, the Palmetto State obtained the fourth ranking. The 23rd most populous state has 2,344,963 housing units and saw 865 foreclosure filings. The counties with the most foreclosures per housing unit were (from highest to lowest): Dorchester, Lexington, Jasper, Sumter, and Spartanburg.
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With a foreclosure rate of one in every 2,305 homes, the Garden State placed third once again in the ranking. The 11th most populous state has 3,761,229 housing units, of which 1,632 went into foreclosure. The counties with the most foreclosures per housing unit were (from highest to lowest): Cumberland, Gloucester, Sussex, Salem, and Camden.
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The sixth-least populous state in the country, the Small Wonder soared from the seventh spot to the second. With one in every 2,178 homes going into foreclosure and a total 448,735 housing units, the state saw a total of 206 foreclosure filings. With only three counties in the state, the most foreclosures per housing unit were in (from highest to lowest): Kent, Sussex, and New Castle.
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The Land of Lincoln made the top spot for highest foreclosure rate for the third month in a row. Of its 5,426,429 homes, 3,050 went into foreclosure, making the sixth-most populous state’s foreclosure rate one in every 1,779. The counties with the most foreclosures per housing unit were (from highest to lowest): St. Clair, Will, Madison, Henry, and Macoupin.
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Of all 50 states, California had the most foreclosure filings (3,942), and Vermont had the least (7). As for the states with the highest foreclosure rates, Illinois, Delaware, 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): North Dakota, Kansas, and South Dakota.
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This article originally appeared on SoFi.comand was syndicated by MediaFeed.org.
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