Want to buy a second home? Read this first

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Buying your first home is one of the best financial decisions you can make. So when you find the perfect vacation spot, decide you want to bring in some passive income, or when your income increases enough that you can afford a second property, buying another home can seem like an obvious move.

 

But buying a second home is a lot more complicated than buying your first one. Even if you uncover great value by looking past the obvious listings, you probably won’t be able to get a conventional loan for your second home. Even if you can get creative with your financing, you’re going to have to pony up the usual transaction costs of buying a home. That includes everything from real estate commission to closing costs, which can add up to thousands of dollars.

 

Of course, that’s not to say that buying a second home is never a good idea! For many people, it’s a great investment and the beginning of putting together a lucrative real estate portfolio. You just have to do your due diligence first. So with that said, let’s touch on all the most important things you need to know before you buy your second home!

 

1. Buying a Second Home Doesn’t Make Sense for Everyone

It may sound like stating the obvious, but owning two homes costs a lot more than owning just one! Once you own a second home, you’re on the hook for all the costs of owning a home — twice. That includes everything from maintenance to property taxes to utility bills. It’s easy to underestimate how much these costs can add up, but we’ll cover them in detail below.

 

Because it can be so expensive, lenders will expect you to be able to cover two mortgage payments, plus expenses, with plenty of income left over. The ideal candidate for a second home will have already paid off their first home, or is close to it, and has adequate cash flow to cover all their projected financial obligations.

2. It’s Gotten More Difficult to Buy a Second Home

For a long time, it was fairly routine for homeowners to leverage their first home to finance the purchase of a second home. But since the 2008 financial crisis, lenders have tightened their lending standards, and it’s become a little harder to get a mortgage for a second home. While the government makes it easy for the first-time homebuyer to buy a home, there’s no such assistance for someone buying a second home.

 

Requirements for a down payment are generally higher, too. You’ll be expected to put down at least 10%, and possibly more than 20% (down payments for jumbo loans can be as high as 30%), whereas for a first home mortgage you can put down as little as 3.5%. On top of all that, credit score standards are also tighter.

3. Buying a Second Home Is a Lot Easier If You Have a Lot of Equity In Your First Home

If you’ve accrued a lot of equity in your first home, you can often take out a home equity loan to use as a down payment on your second home. Lenders will generally let you take out 80-85% of your home equity as cash, and you’ll pay it back over a term as short as five years or as long as 30 years.

 

Even if you’re not using home equity to buy your second home, you may need to refinance the mortgage on your first home. Why? Because lowering your monthly payment will free up cash, which will help you to qualify for a second mortgage.

4. It’s Going to Cost You a Lot More Than Just the Cost of the Home

When people think of buying a second home, they often just look at the home’s price tag. But you’re also doubling all the other costs associated with being a homeowner. This includes costs such as utilities and maintenance, real estate commission, a second mortgage, and a second set of HOA fees. Let’s take a closer look at some of the most common expenses of owning a second home, and touch on some savvy financial tips for second-home buyers.

5. You’ll Pay a Lot More for Homeowners Insurance

Insurance on a second home generally costs a lot more than homeowners insurance for your primary residence. There are a lot of reasons for this. For example, second homes are often vacant part of the year, which can add to risks, and they’re often located in higher-risk areas that are prone to flooding or wildfire. If you’re planning on renting out your second home, that can also add even more to your insurance costs, since most homeowner’s policies don’t cover short-term renters.

6. You May Need to Get More Life and Disability Insurance

Since you’re likely taking on a second mortgage, it may be advisable for you to increase the amount of life insurance and disability insurance you have. That’s because, in the event of a calamity, you’ll need the amount of your insurance to cover the costs of paying off and maintaining two homes.

7. You’ll Need to Pay for Utilities—Even When the Home Is Vacant

It’s inadvisable to leave an empty home dark and unheated or uncooled, especially if it’s located in a climate that experiences extremes of hot or cold, or a lot of moisture. Large swings in temperature can be very destructive to a home, and high humidity can lead to many structural problems. You’ll want to run a minimal number of utilities in your second home just to maintain its condition.

 

Leaving the home dark could also invite trespassers— for that reason, you might want to get a security system, which will also cost money.

8. You Should Probably Have a Second Emergency Fund for Your Second Home

Experts recommend putting away 1-4% of your home’s value, every year, to use for emergency maintenance expenses. This can include everything from when the roof springs a leak, to when a refrigerator dies unexpectedly. Don’t make the mistake of assuming your emergency fund for your primary residence will cover both homes, or you could be caught in a tight spot when bad luck strikes.

9. Your Maintenance Costs Will Double—or More

Buying a home means paying a lot of one-time costs, but also committing to a lot of ongoing costs like maintenance. Experts estimate that routine home maintenance costs around 1% of the home’s value per year. That means that if your home is valued at $300,000, you should plan on spending around $3,000 a year just to maintain the home.

 

When you buy a second home, you’re committing yourself to spending 1% of that home’s value on routine maintenance. And if you’re planning on renting it out, your maintenance costs could climb even higher. Tenants put a lot of hard miles on a rental, which will necessitate more maintenance than usual.

 

10. Vacancy Can Cost You a Lot

Many Americans are buying second homes with the intention of using short- or long-term rentals to defray the costs of the mortgage and maintenance. This has been a booming market for the past several years, but unforeseen problems like the pandemic can dry up bookings overnight. If you’re planning on using rental income to pay for your second home, you should definitely make sure you can cover your expenses if you hit a dry spell of vacancy.

 

Rent loss insurance could be an option for you here, but it’s also another expense you’ll have to pay. Talk to your insurance agent to find out if rent loss insurance is a good idea for you.

11. Getting to Your Second Home Is Going to Cost You Money

Whether you’re driving, flying, busing, or taking a train to your second home, it’s going to cost you money, and many buyers of second homes fail to budget for these travel expenses. If you go frequently, they can add up quickly!

12. A Second Mortgage Is a Lot Different Than a First One

When you bought your primary residence, you likely had a lot of different options for loans. You’re going to have far fewer options for your second home. First off, you won’t be able to use the low-interest government-backed mortgages (FHA, FDA, VA loans, etc.) for a second home.

 

Interest rates for second mortgages are higher in general than interest rates on first mortgages. You should plan on paying up to half a percentage point more than your first mortgage since the bank will consider it a slightly riskier loan.

How you plan to use your home could also further restrict what kinds of mortgage you might qualify for.

13. Are You Going to Rent Your Second Home?

Whether you’re going to rent your home, and how often, will go a long way towards determining what kind of mortgage you can get.

 

If you’re not going to rent it at all, it will be considered a second home.

 

If you plan on renting it more than six months a year, your lender will likely consider it an investment property — not a second home.

 

However, there are a lot of conditions and exceptions here. If you rent it just a little — for no more than 14 days a year — most lenders will still consider it a second home. You can even rent it for up to six months a year, and still, classify it as a second home (as opposed to an investment property) if you don’t use your home’s projected rental income to qualify for your loan — i.e., you already have the financial means to qualify for the mortgage without including future income from your second home.

 

Why are these distinctions important? Let’s go into that now.

14. What You Use Your Second Home for Has Huge Tax Implications

If your second home is for personal use only, the interest on the second mortgage is tax-deductible. This is a very sizable and valuable tax deduction!

 

However, if you’re renting it out for more than 14 days a year, you won’t be able to deduct the interest on your second mortgage. But you will be able to deduct maintenance and upkeep expenses associated with the time you rent the property out.

 

You can also deduct property taxes, though there is a cap on the amount you can deduct.

15. If You’re Renting Out Your Second Home, It Will Cost You Money—and Time

If you’re buying a second home with the intention of renting it out, you’re going to have to spend a good chunk of money or time managing it.

 

If you decide to act as the landlord, you’ll be on-call for any problems the tenant may have. This can range from a clogged toilet at 4 AM to a burst pipe on Christmas Day. Being a landlord is a time-consuming job and many first-timers don’t realize just how demanding it is.

 

If you decide to hire a property management company to look after your property, you’ll have to pay them for their services, usually, something in the area of 10% of rents collected. Depending on your margins, that could be a very steep price.

16. You’ll Likely Need a Special Real Estate Agent

The market for vacation homes and investment rentals is a lot different than the market for conventional, residential homes. The competition is different, the sellers are different, and the pace of business is different — and so you may need an agent who specializes in this market, to guide you through the buying process. A residential agent is great at running a comparative market analysis or walking you through the listing fees of various brokerages, but they probably won’t know as much about the short-term rental vacancy rate or flood insurance as an agent who specializes in second homes.

17. Always Visit the Area in the Off-Season

If you’re buying a second home to use as a personal vacation getaway, visit the area in the off-season before you buy. Observe the market, talk to locals about the area’s prospects, and take in the climate — and then ask yourself if your second home still looks like a sound investment. The in-season never tells the whole story.

18. You Don’t Have to Go it Alone

If you have friends or family who might be interested in a vacation home, you should explore fractional ownership, which is when several parties jointly own a property. Combining your financial resources will not only expand the range of properties available to you, you’ll also be able to share the responsibilities of buying, owning, and maintaining the home.

 

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

 

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Mortgage rates & foreclosures are soaring. Here’s where they’re worst

 

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.

 

Related: The safest cities in the US

 

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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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