Homes in the Hawkeye State remain relatively affordable but joined the U.S. rise in prices.
As of May 2022, the median home sale price in Iowa had risen to $265,800 from $235,800 the year prior. This represents a home price spike of $30,000, or 12.7% year-over-year, based on data collected from Redfin.
While these numbers may sound like a bummer to a first-time homebuyer entering the market in 2022, prospective homeowners need not fret. A number of homebuyer assistance programs exist that can make your home buying journey more affordable.
Most of these programs are available through the Iowa Finance Authority (IFA) and can especially be of help to first-time buyers.
Who Is Considered a First-Time Homebuyer in Iowa?
The IFA defines a first-time homebuyer as someone who has not owned a primary residence in the past three years. This conforms with the federal definition cited by the U.S. Department of Housing and Urban Development (HUD).
Keep in mind that there are exceptions for veterans as well as those seeking to purchase a home in targeted areas under the IFA’s FirstHome program.
Recommended: The SoFi Guide to First-Time Home Buying
5 Iowa Programs for First-Time Homebuyers
The IFA offers two major homebuyer assistance programs geared toward helping both repeat and first-time homebuyers. Benefits are offered in the form of competitive mortgage rates, grants, and deferred loans.
You can use the IFA’s eligibility checker to see whether you qualify for benefits.
1. FirstHome Program
The FirstHome Program offers below-market interest rates on mortgages that may require just 3% down and may include reduced mortgage insurance.
The mortgage can be paired with a FirstHome grant or second mortgage.
While eligibility for FirstHome program benefits are generally limited to first-time homebuyers, active-duty military personnel and veterans may be able to skip this requirement, as well as buyers of homes in targeted disadvantaged areas.
- Household income limit: Generally should not exceed $109,000, but the limit varies by county.
- Home purchase price limit: $349,000 for non-targeted areas; $427,000 in targeted areas.
- Primary residence: Buyer must intend to occupy home as primary residence within 60 days of closing.
- Minimum FICO credit score: 640
- Debt-to-income (DTI) ratio: cannot exceed 45%
A homebuyer education course is required for borrowers taking out conventional loans, which will help participants understand the whole buying process and types of mortgage loans.
2. Homes for Iowans
First-time and repeat homebuyers who obtain a mortgage under the Homes for Iowans program will face lower mortgage fees and reduced mortgage insurance on a low-down-payment mortgage loan.
Homes for Iowans comes with down payment assistance options, either in the form of a $2,500 grant or $5,000 second home loan (or up to 5% of home price, repayable once the home is resold).
The program has more liberal home price and household income limits than FirstHome.
- Household income limit: Generally should not exceed $152,600 or 80% of the area median income for conventional mortgage loans (county-specific)
- Home purchase price limit: $427,000
- Primary residence: Buyer must intend to occupy home as primary residence within 60 days of closing.
- Minimum FICO credit score: 640
- Debt-to-income (DTI) ratio: cannot exceed 45%
3. Down Payment Grants and Loans
The IFA’s two mortgage programs can be married with either a $2,500 grant or a loan of up to $5,000 (repayable if the home is sold or refinanced, or the first mortgage is paid off) to help with a down payment or closing costs.
Eligibility requirements for both the FirstHome and Homes for Iowans down payment assistance mirrors the requirements for their respective loan program.
Your lender will help you qualify for the grant or loan as part of your application process.
4. Military and Minority Down Payment Programs
Both programs offer a $5,000 grant to eligible homebuyers to cover a down payment and closing costs.
Military Homeownership Assistance is geared toward veterans, active-duty service members, and surviving spouses using a FirstHome or Homes for Iowans mortgage, while the minority down payment program is for eligible historically disadvantaged minorities in Iowa who are using a FirstHome mortgage.
(However: The IFA will approve a grant with non-IFA financing if the lender is offering a fixed-rate mortgage of lower cost than the most comparable IFA mortgage available at the time the loan estimate is issued.)
Someone who qualifies for the assistance grant and second loan opportunity could receive up to $10,000 toward a down payment or closing costs.
Both down payment grants are subject to funding availability, which was exhausted at the time of this writing. It’s a good idea to ask your mortgage lender to check whether the funding status of either program has changed.
5. Local Assistance
City and county programs also exist that boost homeownership. Check the list kept by HUD.
How to Apply to Iowa Programs for First-Time Homebuyers
Regardless of which IFA program you pick, you’ll need to make sure you contact an approved mortgage lender to start your loan application.
Once your lender has verified that you meet the minimum program requirements, you may be asked to complete a homebuyer education course. Homebuyer education is required for all conventional mortgage loans and must be completed before closing.
Your mortgage lender will guide you through the necessary steps to take until you’re ready to close.
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 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 lending limits 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, the Home Possible 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 surviving spouses 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. For most applicants, there is 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 website.
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.
Iowa First-Time Homebuyer Stats for 2022
Homebuyer demographics can vary drastically by location. Here are average age and income stats for some of Iowa’s top metropolitan statistical areas, based on data collected by the National Association of Realtors.
Here’s some statewide housing data about single-family detached homes sourced from the Iowa Association of Realtors, last published in March 2022.
- Average days on market for listings: 43 (down from 52 in 2021)
- Year-over-year change in new listings: -3% (from 9,822 in 2021 to 9,530 in 2022)
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
First-time homebuyers in Iowa may be able to harvest mortgage and down payment help through a state or local program. Other first-time buyers can look into the great melange of mortgages on their own for the right fit.
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
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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