The median home sales price in Indiana rose 11.8% year-over-year by April 2022, according to Redfin, to nearly $255,000. This represents an annual increase of nearly $27,000.
At the same time, the number of homes for sale fell 16%.
While these numbers may sound intimidating for Hoosier State house hunters, there are a number of city, state, and federal programs that can defray the costs of buying a home. First-time buyers, especially, might want to home in on the help offered.
Who Is Considered a First-Time Homebuyer in Indiana?
First things first: The Indiana Housing and Community Development Authority’s definition of first-time homebuyer mirrors the federal one: anyone who has not owned a principal residence in the past three years.
Homebuyers seeking to purchase in a targeted area and qualifying veterans are exempt from having to meet the first-time homebuyer requirement.
3 Indiana Programs for First-Time Homebuyers
The Indiana Housing and Community Development Authority aims to encourage homeownership by providing down payment assistance for both first-time and repeat homebuyers with low to moderate incomes.
Here are details about the three homebuyer assistance programs offered through Indiana Housing, which provides special deals on FHA, VA, and conventional mortgages.
1. First Place Program
The First Place Program allows first-time homebuyers, buyers of homes in target areas, and qualified veterans using a 30-year FHA loan to borrow up to 6% of the purchase price of the home for a down payment or closing costs in the form of a forgivable second mortgage.
The second mortgage requires no monthly payments, incurs no interest, and is fully forgivable after nine years, provided the buyer does not sell or refinance the home in the interim. The First Place Program cannot be combined with the mortgage credit certificate.
Borrowers must have the following minimum FICO credit score and debt-to-income ratio (DTI) to qualify:
- 640 and DTI of less than 45%
- 680 and DTI of less than 50%
They also must meet income limits , and the single-family home, condo, townhome, planned unit development, or manufactured home being purchased must meet agency limits.
2. Next Home Program
Indiana Housing offers Next Home assistance to both first-time and repeat homebuyers, who can obtain 3.5% of the value of their home purchase for a down payment if using a 30-year FHA loan.
The down payment assistance is forgivable after only two years, provided you don’t sell or refinance your home. And the assistance can be combined with the mortgage credit certificate.
The borrower requirements and income limits are the same as the First Place Program.
3. Mortgage Credit Certificate
Indiana Housing’s mortgage credit certificate program provides an annual federal income tax credit for up to $2,000 of mortgage interest paid per year.
First-time buyers (and the others mentioned) can apply for the mortgage credit certificate through a participating lender when they apply for a loan.
The program fee is $800, but the savings from the lifetime of the credit often outweighs the fees.
Recommended: First-Time Home Buyer Guide
How to Apply to Indiana Programs for First-Time Homebuyers
To start applying for one of the homebuyer assistance programs of the Indiana Housing and Community Development Authority, you can complete an online survey to see what assistance programs are available in your county. Depending on which county you reside in, you may be able to qualify for additional assistance based on your municipality.
The Department of Housing and Urban Development (HUD) also lists assistance programs in Indiana cities. Bloomington, for example, provides assistance of up to $10,000 to first-time homebuyers in the form of a forgivable, five-year second mortgage. Income and purchase limits apply.
Once you’ve completed the survey, you’ll receive an email summarizing what programs you might be eligible for and providing you with the next steps. From there, you can start searching for participating lenders .
It’s important that you have a good sense of your credit score and DTI to ensure that you meet the requirements. However, the lender you choose can also determine whether you’re eligible.
Once you submit a loan application, your lender will work with you to identify a fitting mortgage loan and ensure that you meet all the requirements of the program.
Then it’s time to find a real estate agent and shop for a home.
Recommended: Understanding the Different Types of Mortgage Loans
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.
Keep in mind that you’ll need a credit score of at least 640 or 680 to qualify for one of Indiana Housing’s homebuyer assistance programs.
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. 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 teachers, police officers, firefighters, and EMTs 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.
Indiana First-Time Homebuyer Stats for 2022
Here are some key numbers from the Indiana Association of Realtors and the National Association of Realtors.
• Percentage of buyers who are first-time homebuyers in Indiana: 35%
… in the U.S.: 34%
• Median age of Indiana first-time homebuyers: 32
… in the U.S.: 33
• Median household income of Indiana buyers: $85,000
… vs. Nationwide: $102,000
• Median down payment for all first-time homebuyers: 7%
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
Some first-time homebuyers in Indiana have access to state and city down payment assistance to make buying a house more affordable. Others may find advantages with government-backed or conventional 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 some 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.
Is there a first-time homebuyer tax credit in Indiana?
Yes. Indiana offers a mortgage credit certificate, which allows eligible borrowers to claim a federal income tax credit of up to $2,000 per year for mortgage interest paid.
The tax credit percentage will dip to 30% and below for the state’s basic mortgage tax credit program.
Is there a first-time veteran homebuyer assistance program in Indiana?
While not specific to veterans, the state agency’s homebuyer assistance programs provide an exemption to the first-time homebuyer rule for qualifying veterans, active-duty military personnel, reserves, and surviving spouses.
What credit score do I need for first-time homebuyer assistance in Indiana?
The minimum credit score required to qualify for Indiana Housing’s homebuyer assistance is 640 or 680, depending on DTI.
What is the average age of first-time homebuyers in Indiana?
The median age of a first-time homebuyer in Indiana is 32, according to the Indiana Association of Realtors.
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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
With foreclosure activity up steadily between July and August, the experts at ATTOM Data Solutions consider this a sign that foreclosure starts are returning to 2019 levels–foreclosure starts in August 2022 were over 85% of what they were in August 2019.
While foreclosure activity has been on the rise since the expiration of pandemic relief programs, the good news is that experts believe repossessions will be even lower than before the pandemic due to a majority of borrowers in foreclosure having positive equity in their homes. This means that borrowers can sell their properties at a profit and avoid foreclosure auctions or lender repossessions.
Despite mortgage interest rates blasting through the 6% threshold for the first time in roughly 14 years, and fears of a recession continuing to make headlines, home prices show no signs of dramatically cooling off. For instance, the July 2022 median U.S. home price of $403,800 was nearly 11% higher than the $364,600 median U.S. home price in July 2021. At the same time, the housing supply remains at a deficit, which experts expect to continue for the foreseeable future due to a combination of factors, such as a shortage of construction labor, zoning restrictions, and raw material costs.
The overall rate of foreclosure filings increased by close to 14% between July and August. This uptick follows the dip in foreclosure activity between June and July, which experts believed was likely related to a typical Q3 seasonal drop. The number of U.S. properties with foreclosure filings in August was 34,501, according to ATTOM Data Solutions. This is up close to 118% from a year ago when foreclosures remained at historic lows due to federal government and mortgage servicing industry pandemic protections.
Read on for the foreclosure rates in August 2022 – plus the five counties with the highest rates within those states.
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As noted, foreclosure rates rose steadily compared to last month, but are up significantly compared to last year. Read on for August 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 30 foreclosures in August. With a total of 350,364 housing units, Washington, D.C.’s foreclosure rate was one in every 11,679 households, putting it in between the states of Kentucky (#46) and Nebraska (#45).
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In 49th place for population, Vermont claimed the 50th spot for its foreclosure rate. Of the Green Mountain State’s 334,318 housing units, three homes went into foreclosure at a rate of one in every 111,439 households. Only three counties saw foreclosures. The counties with the most foreclosures per housing unit were (from highest to lowest): Grand Isle, Lamoille, and Windham.
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North Dakota’s foreclosure rate was one in every 37,064 homes. That puts the fourth least populated state – with 370,642 housing units and 10 foreclosures — in 49th place. Only four counties saw foreclosures. The counties with the most foreclosures per housing unit were (from highest to lowest): Cass, Morton, Ward, and Grand Forks.
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South Dakota slipped to the 48th spot in August. Having 389,921 total housing units, the fifth least populated state had a foreclosure rate of one in every 35,447 households with 11 foreclosures. The counties with the most foreclosures per housing unit were (from highest to lowest): Faulk, Mccook, Codington, Clay, and Minnehaha.
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The 39th most populated state, West Virginia, ranked 47th once again. It has 855,635 homes, of which 58 went into foreclosure. That means the foreclosure rate was one in every 14,752 homes. The counties with the most foreclosures per housing unit were (from highest to lowest): Marion, Kanawha, Upshur, Raleigh, and Wayne.
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With a total 1,994,323 housing units, Kentucky saw 148 homes go into foreclosure. That put the foreclosure rate for the 26th most populated state at one in every 13,475 households and in 46th place. The counties with the most foreclosures per housing unit were (from highest to lowest): Hardin, Estill, Muhlenberg, Campbell, and Lyon.
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Ranked 37th for population, Nebraska claimed the 45th spot with a foreclosure rate of one in every 10,172 homes. With a total 844,278 housing units, the state had 83 foreclosure filings. The counties with the most foreclosures per housing unit were (from highest to lowest): Deuel, Garfield, Gosper, Cherry, and Kimball.
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The 44th most populated state took the 44th spot. With 51 foreclosures out of 514,803 housing units, its foreclosure rate was one in every 10,094 homes. The counties with the most foreclosures per housing unit were (from highest to lowest): Wheatland, Roosevelt, Sheridan, Dawson, and Big Horn.
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The 38th most populated state, Idaho had 78 homes go into foreclosure. With 751,859 total housing units, the state’s foreclosure rate was one in every 9,639 households. The counties with the most foreclosures per housing unit were (from highest to lowest): Shoshone, Washington, Fremont, Nez Perce, and Benewah.
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With 299 foreclosures out of 2,727,726 total housing units, Wisconsin, the 20th most populated state, had a foreclosure rate of one in every 9,123 households. The counties with the most foreclosures per housing unit were (from highest to lowest): Douglas, Pepin, Clark, Forest, and Taylor.
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Ranked 13th for most populated state, Washington came in 41st place for highest foreclosure rate. It has 3,202,241 housing units, of which 362 went into foreclosure, making the state’s foreclosure rate one in every 8,846 households. The counties with the most foreclosures per housing unit were (from highest to lowest): Pend Oreille, Mason, Cowlitz, Lewis, and Benton.
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The 27th most populated state ranked 40th for highest foreclosure rate. Of Oregon’s 1,813,747 homes, 219 went into foreclosure, making for a foreclosure rate of one in every 8,282 homes. The counties with the most foreclosures per housing unit were (from highest to lowest): Grant, Columbia, Multnomah, Linn, and Clackamas.
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Ranked 33rd for most populated state, Arkansas took the 39th spot for highest foreclosure rate. It has 1,365,265 housing units, of which 177 went into foreclosure, making the state’s latest foreclosure rate one in every 7,713 households. The counties with the most foreclosures per housing unit were (from highest to lowest): Saint Francis, Calhoun, Poinsett, Hot Spring, and Sharp.
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The 41st most populated state, New Hampshire, ranked 38th for highest foreclosure rate. Of 638,795 homes, 84 went into foreclosure, making for a foreclosure rate of one in every 7,605 households. The counties with the most foreclosures per housing unit were (from highest to lowest): Cheshire, Sullivan, Strafford, Carroll, and Merrimack.
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The 40th most populated state, Hawaii, came in 37th for highest foreclosure rate. Of 561,066 homes, 75 went into foreclosure, making for a foreclosure rate of one in every 7,481 households. Only three counties in the state had foreclosures. They were (from highest to lowest): Honolulu, Hawaii, and Maui.
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The 15th most populated state ranked 36th for highest foreclosure rate. Of Massachusetts’ 2,998,537 housing units, 414 went into foreclosure, making for a foreclosure rate of one in every 7,243 homes. The counties with the most foreclosures per housing unit were (from highest to lowest): Hampden, Berkshire, Plymouth, Franklin, and Worcester.
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The 36th most populated state took the 35th spot for highest foreclosure rate. Of its 940,859 homes, 133 went into foreclosure, making for a foreclosure rate of one in every 7,074 homes. The counties with the most foreclosures per housing unit were (from highest to lowest): Chaves, Cibola, Colfax, Sandoval, and Valencia.
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In Mississippi, the 34th most populated state, there were 189 foreclosures out of 1,319,945 housing units. That put the foreclosure rate at one in every 6,984 homes. The counties with the most foreclosures per housing unit were (from highest to lowest): Sharkey, Coahoma, Jackson, Clay, and Marshall.
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The 19th most populated state, Missouri came in 33rd for highest rate of foreclosures. Of its 2,786,621 homes, 411 went into foreclosure, making for a foreclosure rate of one in every 6,780 homes. The counties with the most foreclosures per housing unit were (from highest to lowest): Pulaski, Lafayette, Caldwell, Holt, and Dallas.
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In Arizona, the 14th most populated state, there were 489 foreclosures out of 3,082,000 housing units–the same as July. That put the foreclosure rate, once again, at one in every 6,303 homes. The counties with the most foreclosures per housing unit were (from highest to lowest): Graham, Cochise, Pinal, Mohave, and Yavapai.
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Pennsylvania had the 31st highest foreclosure rate. The fifth most populated state had a total of 963 housing units out of 5,742,828 homes go into foreclosure, making the state’s foreclosure rate one in every 5,963 households. The counties with the most foreclosures per housing unit were (from highest to lowest): Delaware, Bucks, Wyoming, Berks, and Montgomery.
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Ranked 22nd for most populated state, Minnesota took the 30th spot for highest foreclosure rate. It has 2,485,558 housing units, of which 422 went into foreclosure, making the state’s foreclosure rate one in every 5,890 households. The counties with the most foreclosures per housing unit were (from highest to lowest): Faribault, Sherburne, Fillmore, Rice, and Anoka.
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In Tennessee, the 16th most populated state, there were 524 foreclosures out of 3,031,605 housing units. That put the foreclosure rate at one in every 5,786 homes and in the 29th spot. The counties with the most foreclosures per housing unit were (from highest to lowest): Mcnairy, Humphreys, Roane, Hancock, and Haywood.
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The 21st most populated state ranked 28th for highest foreclosure rate. Of Colorado’s 2,491,404 housing units, 432 went into foreclosure, making for a foreclosure rate of one in every 5,767 homes. The counties with the most foreclosures per housing unit were (from highest to lowest): Pueblo, Morgan, Adams, Weld, and Alamosa.
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Ranked 25th for population, Louisiana took the 27th spot, with 365 homes out of a total of 2,073,200 housing units going into foreclosure. That means Louisiana had a foreclosure rate of one in every 5,680 households. The counties with the most foreclosures per housing unit were (from highest to lowest): Livingston, La Salle, Tangipahoa, Ascension, and West Baton Rouge.
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Utah placed 26th for highest foreclosure rate. Of the Beehive State’s 1,151,414 housing units, 206 homes went into foreclosure, making the 30th most-populated state’s foreclosure rate one in every 5,589 households. The counties with the most foreclosures per housing unit were (from highest to lowest): Juab, Tooele, Sanpete, Box Elder, and Sevier.
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Kansas took the 25th spot. With 1,275,689 homes and a total of 231 housing units going into foreclosure, the 35th most-populated state’s foreclosure rate was one in every 5,522 households. The counties with the most foreclosures per housing unit were (from highest to lowest): Wyandotte, Cowley, Geary, Osage, and Butler.
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Ranked as the ninth least populated state, Maine placed 24th for highest foreclosure rate. With a total of 739,072 housing units, the Pine Tree State saw 136 foreclosures for a foreclosure rate of one in every 5,434 homes. The counties with the most foreclosures per housing unit were (from highest to lowest): Somerset, Waldo, Penobscot, Knox, and Aroostook.
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The eighth least populated state took the 23rd spot for highest foreclosure rate. A total of 91 homes went into foreclosure out of 483,474 total housing units, making the foreclosure rate for the Ocean State one in every 5,313 households. The counties with the most foreclosures per housing unit were (from highest to lowest): Kent, Bristol, Newport, and Washington.
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Ranked the least populated state in the country, Wyoming claimed the 22nd spot for highest foreclosure rate. With 271,887 housing units, of which 53 went into foreclosure, the state’s foreclosure rate was one in every 5,130 households. The counties with the most foreclosures per housing unit were (from highest to lowest): Carbon, Platte, Natrona, Sweetwater, and Campbell.
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The 12th most populated state ranked 21st for highest foreclosure rate, with 728 homes going into foreclosure. Having 3,618,247 total housing units, the state saw a foreclosure rate of one in every 4,970 households. The counties with the most foreclosures per housing unit were (from highest to lowest): Portsmouth City, Waynesboro City, Hopewell City, Charlotte, and Covington City.
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Ranked 24th for most populated, Alabama came in 20th for highest foreclosure rate. Of its 2,288,330 homes, 489 went into foreclosure, making for a foreclosure rate of one in every 4,680 homes. The counties with the most foreclosures per housing unit were (from highest to lowest): Henry, Houston, Cherokee, Calhoun, and Elmore.
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Alaska saw 69 foreclosures, making the foreclosure rate one in every 4,602 homes. That caused the third least populated state, with a total of 317,524 housing units, to take the 19th spot. The counties with the most foreclosures per housing unit were (from highest to lowest): Anchorage, Ketchikan Gateway, Matanuska-Susitna, Fairbanks North Star, and Kenai Peninsula.
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The Lone Star State saw 2,538 foreclosures. With a foreclosure rate of one in every 4,566 households, this put the second most populous state with 11,589,324 housing units into the 18th spot. The counties with the most foreclosures per housing unit were (from highest to lowest): Liberty, Wilbarger, Atascosa, Franklin, and Hardeman.
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Iowa had the 17th highest foreclosure rate. With 320 housing units out of 1,412,789 homes going into foreclosure, the 31st most populated state’s foreclosure rate was one in every 4,415 homes. The counties with the most foreclosures per housing unit were (from highest to lowest): Guthrie, Wayne, Calhoun, Clinton, and Adams.
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Oklahoma claimed the 16th spot. With housing units totaling 1,746,807, the 28th most populated state saw 400 homes go into foreclosure at a rate of one in every 4,367 homes. The counties with the most foreclosures per housing unit were (from highest to lowest): Canadian, Kingfisher, Oklahoma, Cleveland, and Ottawa.
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With 363 of its 1,530,197 homes going into foreclosure, Connecticut had the 15th highest foreclosure rate at one in every 4,215 households. In the 29th most populated state, the counties that had the most foreclosures per housing unit were (from highest to lowest): New Haven, Hartford, Windham, Fairfield, and Litchfield.
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Ranking 10th in population, Michigan took the 14th spot with a foreclosure rate of one in every 4,002 homes. With a total of 4,570,173 housing units, the state had 1,142 foreclosure filings. The counties with the most foreclosures per housing unit were (from highest to lowest): Muskegon, Van Buren, Cass, Berrien, and Saint Joseph.
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The eighth most populated state, Georgia ranked 13th for highest foreclosure rate. Of its 4,410,956 homes, 1,161 were foreclosed on. That put the state’s foreclosure rate at one in every 3,799 households. The counties with the most foreclosures per housing unit were (from highest to lowest): Richmond, Pulaski, Elbert, Candler, and Liberty.
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With 2,295 out of a total 8,488,066 housing units going into foreclosure, the fourth most populated state took the 12th spot. New York’s foreclosure rate was one in every 3,699 households. The counties with the most foreclosures per housing unit were (from highest to lowest): Steuben, Seneca, Washington, Livingston, and Putnam.
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The ninth most populated state took 11th place for highest foreclosure rate. Out of 4,708,710 homes, 1,282 went into foreclosure. That put the Tar Heel State’s foreclosure rate at one in every 3,673 homes. The counties with the most foreclosures per housing unit were (from highest to lowest): Gates, Onslow, Pasquotank, Jones, and Columbus.
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The country’s most populated state ranked 10th for highest foreclosure rate. Of its 14,392,140 housing units, 4,241 went into foreclosure, making California’s foreclosure rate one in every 3,394 households. The counties with the most foreclosures per housing unit were (from highest to lowest): Lake, Trinity, Kern, Merced, and Yuba.
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Ranking 32nd in population, Nevada took the ninth spot for foreclosure rate. With one in every 3,380 homes going into foreclosure, and a total of 1,281,018 housing units, the state had 379 foreclosure filings. The counties with the most foreclosures per housing unit were (from highest to lowest): Clark, Elko, Humboldt, Nye, and Washoe.
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Ranked 18th for most populated state, Maryland took eighth place for highest foreclosure rate. With a total of 2,530,844 housing units, of which 775 housing units went into foreclosure, the state’s foreclosure rate was one in every 3,266 households. The counties with the most foreclosures per housing unit were (from highest to lowest): Charles, Saint Marys, Cecil, Prince George’s County, and Washington.
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The 17th largest state by population, Indiana took the seventh spot with a foreclosure rate of one in every 3,120 homes. Of its 2,923,175 homes, 937 homes were foreclosed on in August. The counties with the most foreclosures per housing unit were (from highest to lowest): Blackford, Vigo, St Joseph, Wayne, and Noble.
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Ohio took sixth place in August with a foreclosure rate of one in every 2,955 homes. With a total of 5,242,524 housing units, the seventh most populated state had a total of 1,774 filings. The counties with the most foreclosures per housing unit were (from highest to lowest): Cuyahoga, Pickaway, Paulding, Fairfield, and Preble.
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The third most populated state in the country has a total of 9,865,350 housing units, of which 3,344 went into foreclosure. The state’s foreclosure rate is one in every 2,950 homes. The counties with the most foreclosures per housing unit were (from highest to lowest): Calhoun, Gadsden, Hamilton, Gilchrist, and Duval.
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With a foreclosure rate of one in every 2,441 homes, New Jersey slipped out of the top three, placing fourth for highest foreclosure rate. The 11th most populated state has 3,761,229 housing units, of which 1,541 went into foreclosure. The counties with the most foreclosures per housing unit were (from highest to lowest): Cumberland, Sussex, Camden, Gloucester, and Salem.
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With one in every 2,417 homes going into foreclosure, South Carolina took the third spot. Ranked 23rd for population, South Carolina has 2,344,963 housing units and saw 970 foreclosure filings. The counties with the most foreclosures per housing unit were (from highest to lowest): Kershaw, Barnwell, Richland, Dorchester, and Lexington.
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The sixth least populated state in the country, Delaware fell from the top spot for highest foreclosure rate. With one in every 2,387 homes going into foreclosure and a total 448,735 housing units, Delaware saw a total of 188 foreclosure filings. With only three counties in the state, the most foreclosures per housing unit were in (from highest to lowest): New Castle, Kent, and Sussex.
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Illinois made the top spot for highest foreclosure rate. Of its 5,426,429 homes, 2,818 went into foreclosure, making the sixth most populated state’s foreclosure rate one in every 1,926. The counties with the most foreclosures per housing unit were (from highest to lowest): Peoria, Crawford, Mcdonough, Kendall, and Macoupin.
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Of all 50 states, California had the most foreclosure filings (4,241); Vermont had the least (3). As for the states with the highest foreclosure rates, Illinois, Delaware, and South Carolina 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): Nebraska, South Dakota, and North Dakota.
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This article originally appeared on SoFi.comand was syndicated by MediaFeed.org.
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